Wall Street opens in half an hour or so...

Dow Jones down 777.6 points - equivalent to 7 percent - or put another way ...
Nearly $1.1 trillion in market value was wiped out from U.S. equities.

Spiralling down into a black hole and unless there's some ballsy profit takers out there tomorrow who slightly arrest the slide,
the bottom does look a long way down.

Small beacon amid all this chaos ... Crude traded $10 down at $93/bbl.
but just can't see that being reflected at the pumps whilst all this sh!t flies around.

I should have f*cking gone to Wall Street when I had the chance.

Who cares for the risk of losing your job when qunts are making more than half a mill (not counting salary) within three years of graduation?

You should join the BCCI . . . .

I tried. They wouldn't have me. B Schools was my safety.

They knew of your fetish for peaches . . .

skully wrote: And I hope all those farkers lost their farkin jobs and their houses.

Qunts.

That will happen by definition because EVERYONE will lose their jobs and houses.

Anyway, it might be a day to make a bit of money. Sanity must prevail in Washington at some stage so if you have the cojones to by in close to the bottom today you should do OK.

That's it JGK, look on the bright side. And if it's too tough a day, just look at your little girl's face. I'm sure that'll lift some of the gloom.

It's not like we are retiring in a year or two.

Is this the Recession we had to have?

skully wrote:That's it JGK, look on the bright side. And if it's too tough a day, just look at your little girl's face. I'm sure that'll lift some of the gloom.

It's not like we are retiring in a year or two.

Is this the Recession we had to have?

If it's just a recession it would be OK. Unfortunately it is looking more like Armageddon.

Is it just me, or is the Republican Party doing a scarily good impression of the conservative faction in the Roman Senate c 50 BC?

Or maybe its Nero I'm thinking of.

Herbert Hoover and Andrew Mellon must be cheering from beyond the grave.

That suitcase full of yen under my bed is looking mighty nice right now, skully . . . . some really juicy deals in foreclosed real estate ahead.

Leo wrote:Is it just me, or is the Republican Party doing a scarily good impression of the conservative faction in the Roman Senate c 50 BC?

Or maybe its Nero I'm thinking of.

Herbert Hoover and Andrew Mellon must be cheering from beyond the grave.

Not just you - on the bus this morning I was mumbling things like "the Congress fiddles while Rome burns, the thunderqunts".

The bad thing is that there are no real bargains today - everything is consistently down, nothing really obviously oversold.

tac wrote:They knew of your fetish for peaches . . .

Are you kidding? They're all peach lovers there.

Never really played the market and never been an investor, more speculative with the results being akin to my success on the GGs.

But there'd have to be some stocks out there that got hit by the mayhem with no rational reason for them being hit but panic. Surely they'd have to be worth a look?

As for profit takers shoring up the market. Buffet and Gates could spend their entire fortunes and not make a ripple in that bloodbath and the institutions are scared shitless to invest in anything but Xmas club accounts and even they must be looking shaky.

But there'd have to be some stocks out there that got hit by the mayhem with no rational reason for them being hit but panic. Surely they'd have to be worth a look?

BHP and RIo down 6-9% today - now about 60% of their recentish highs. And the RIO price is $20 below what the BHP offer price is. To show you how big BHP is, over the next 5 years it will generate free cash of AUD85billion (queue "so about 7 quid then" jibe from JKL).

Incitec Pivot also at half its recentish highs. Santos is another that has a bit of support.

Interesting, infrastructure stocks like BBI, MAP, TCL have held up very well today, I think in anticipation of Bernake saying "far q" to the Congress and cutting rates to close to 0%.

And of course gold is still kicking goals. Lihir was actually up today when I last looked.

Actually I was thinking minnows. I look at life like a big BlackJack table and at the moment I'd draw on twelve coz everyone else is folding.

Bradman wrote:Actually I was thinking minnows. I look at life like a big BlackJack table and at the moment I'd draw on twelve coz everyone else is folding.

I look at life as a big crap-shoot . . . and you're shooting a hell of a lot of crap . . .

Plenty of good minnow in the mining area. One stock I have looked at recently, OGC, has a market cap of about $64m but produces 265,000 oz of gold each year plus has a couple of other mines under drilling.


Similarly, SAE is a Californian oil producer with a market cap of $50m, no debt and revenue of about US$25m this year.


MOS is another oil position. a $65m market cap, EBITDA of about $15m next year, a cash balance about around $10m and a whole stack of exploration potential.


Embee might have a few more tips.

Maybe, but I'm ahead of the highly paid guys who got us into this mess, by not getting into this mess. Anyone who thinks the world's economy is a science and not a crap shoot needs to revisit a dictionary, or anyone toting palm reading on the net.

Well I was thinking more along the lines of stock that wasn't reliant on future debt for expansion and mining exploration is extremely expensive (which in the current clime should save the NPR and ANWR) but that's a start. I actually like junior uranium stocks if you want to go for thg cahuna, though it would've been better to get in a year or so ago.

Try Bannerman ...Uranium in Namibia ...taken a hammering lately but hasn't everyone?...and they have a cricketing name

The Aussie Uranium miners have pretty much missed the boat with India. The French are already selling Uranium to the Indians.

Definately an omen bet with that name. I occasionally do that with horses with like results, but what the hey you only live once.

qmyjr grinds his teeth and starts sticking pins into qmy doll.

JGK wrote:The Aussie Uranium miners have pretty much missed the boat with India. The French are already selling Uranium to the Indians.

Ban France?