Shaping Up As A Tough Day In The Markets

| January 21, 2008

Asia markets are picking up again heavily on the down side, with the India down almost 10% at the moment. The Euros are predicting a start at last -3% down from yesterday’s bloodbath. At the moment the Dow futures are off 500 or so points, meaning at open it will be down 500 points immediately (around 3%). I still think we will see a lot of big money move into the market to try and stabilize things, and I will be interested to see if it will be enough.

Word of caution to all my friends who use things like Ameritrade or E-Trade, this story of caution from Australia:

Investors continue to report problems with the website of retail broker Commsec even though the company said it was now operating as normal.

Thousands of panicked retail investors overwhelmed the Commsec site, crashing the system as the sharemarket opened today.

As shares continued to tick downwards for a record 12th day, Commsec customers found themselves unable to access their accounts on the internet between 10.10am and 10.30am.

The broker’s customers, who are mainly retail investors, were still able to make trades by telephone, said Commonwealth Bank of Australia spokesman, Bryan Fitzgerald.

“We had unprecendented numbers of people trying to get on this morning,” Mr Fitzgerald said.

“We brought in extra staff, it didn’t matter what we did.

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Category: Credit Backlash, Economics, Main, Recession Watch

About the Author ()

Bruce Henderson is a former Marine who focuses custom data mining and visualization technologies on the economy and other disasters.

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