This particular flush is pretty long...and it looks like its the final climax here. Will it be over this morning? Will it occur over a few days? Not sure but given what we are looking at here shopping lists should be ready to go. Of course many of us if not all of us are out of cash.
Okay so lets see. We have limit down stock futures. Watch the Spiders (SPY)as they are still trading and they are at minus 67 S&P so when the limts come off we could be lower than this. MLPS are off course going to be down at the open and we have some 2 point losses in the premarket on a number of issues like Kinder Morgan (KMP) and Oneok(OKS).
In corporate news Targa (NGLS) is boosting the distribution. Also Hiland Partners (HLND) has gotten paid from Semagroup which is chapter 11 land so their exposure has been reduced to a small amount.
Okay...lets hold hands and work through the open. Just noticed Gold has come off its low under 700. Crude Oil is down 4 dollars as OPEC cuts production. Gasoline Futures under a buck and a half!
joseph cioffi's Source Page - Associated Content
1 comment:
There are two senarios that are setting up.
1) Big flush as precurser to even worse as Gov. intervention in credit markets is seen to fail.
2) Big flush, then all clear as Gov. interventions in credit markets begins to work.
SPY down 8.51 %, DIA down 7.94 %, QQQQ Down 6.89 %, XLE down 11.92% in premarket.
So it seems the more "engery stocks " are in an index, the harder the index is hit.
HS
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