Markets 6/21/12 -250.82

[Hal4511]

Dow Jones Industrial Average        12,802.55        -21.84        -0.17%        10:14:01

S&P 500 Index         1,354.36        -1.33        -0.10%        09:57:20

NASDAQ Composite Index        2,922.31        -8.14        -0.28%        09:55:01

S&P/TSX Composite Index        11,648.67        -110.67        -0.94%        09:54:00

Mexican Stock Exchange Mexican Bolsa IPC Index        38,821.96        -151.68        -0.39%        09:53:30

Bovespa Brasil Sao Paulo Stock Exchange Index        56,766.61        -399.94        -0.70%        09:56:30

[Hal4511]

Dow Jones Industrial Average        12,674.73        -149.66        -1.17%        12:43:43

S&P 500 Index         1,336.51        -19.18        -1.41%        12:29:05

NASDAQ Composite Index        2,888.81        -41.64        -1.42%        12:25:01

S&P/TSX Composite Index        11,524.08        -235.26        -2.00%        12:23:30

Mexican Stock Exchange Mexican Bolsa IPC Index        38,571.57        -402.07        -1.03%        12:23:39

Bovespa Brasil Sao Paulo Stock Exchange Index        56,427.80        -738.75        -1.29%        12:25:30

[Hal4511]

Dow Jones Industrial Average        12,573.57        -250.82        -1.96%        16:30:16

S&P 500 Index         1,325.51        -30.18        -2.23%        16:31:29

NASDAQ Composite Index        2,859.09        -71.36        -2.44%        17:30:04

S&P/TSX Composite Index        11,408.32        -351.02        -2.99%        18:05:03

Mexican Stock Exchange Mexican Bolsa IPC Index        38,515.94        -457.70        -1.17%        16:07:57

Bovespa Brasil Sao Paulo Stock Exchange Index        55,505.17        -1,661.38        -2.91%        16:16:30

[Tom67X]

This thing was down 141 and then the rumor broke of after hours downgrading by Moody's...then it was on like Donkey Kong!

Here we come:

MOODY'S CUTS 4 FIRMS BY 1 NOTCH
MOODY'S CUTS 10 FIRMS' RATINGS BY 2 NOTCHES
MOODY'S CUTS 1 FIRM BY 3 NOTCHES
MORGAN STANLEY L-T SR DEBT CUT TO Baa1 FROM A2 BY MOODY'S
MOODY'S CUTS MORGAN STANLEY 2 LEVELS, HAD SEEN UP TO 3
MORGAN STANLEY OUTLOOK NEGATIVE BY MOODY'S
MORGAN STANLEY S-T RATING CUT TO P-2 FROM P-1 BY MOODY'S
BANK OF AMERICA L-T SR DEBT CUT TO Baa2 BY MOODY'S; OUTLOOK NEG

[Hal4511]

Theres a guy i used to follow named Arch Crawford who was a technical analyst for Merrill Lynch for years. I had saved an interview with him from back in Feb of this year. He said back in Feb that the June 24 - July 3 period was going to be catastrophic. On another weird note I just got off the phone with a friend of mine in Washington, DC of all places, out of the blue he started talking about "riding the light" out of DC. He meant a nuclear explosion in DC ...

[childoftheKing]

Not surprised at these cuts although I don't put a lot of stock in Moody's ratings anymore.  The big surprise to me, though, is that gold is falling...unless firms are selling gold to cover their losses OR China/Russia are keeping the price down so that they can keep buying.  Any ideas anyone?

[Hal4511]

Not surprised at these cuts although I don't put a lot of stock in Moody's ratings anymore.  The big surprise to me, though, is that gold is falling...unless firms are selling gold to cover their losses OR China/Russia are keeping the price down so that they can keep buying.  Any ideas anyone?

I wouldn't be surprised if we aren't seeing some margin covering, gold has been trading between the 1550 and 1650 level for a while now. if you are trading on margin you need some pretty big swings to make it worthwhile, otherwise the margin interest becomes unpalatable.

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