Archived IMT (2008.10.10)

The selling deluge continues as the bears shrug off remarks from presidents, policymakers, and every rescue package in sight. Dow retest the 8,000 level while S&P500 nears 840. The White House has just issued a statement indicating no plans to shut the financial markets in the face of the escalating sell-off. Markets in Russia, Brazil, Indonesia and several others have all shut today to alleviate the effect of the selling. VIX index soared to 72.44, the highest since the intraday high attained during the Asian crisis. The Major players remaining in the markets are those behind forced liquidations and redemptions. We're once again likely to see renewed JPY and CHF gains towards the afternoon as was the case in the last 10 days.