We interrupt our scheduled down time to gently caution readers who care about such things that today (black Friday) is probably going to be a tough one on Wall St. There has been a very steep sell off in overseas markets on news that Dubai (and its principal development fund) is in serious danger of defaulting on its debt.
The Nikei Index is down over 3%, the Hang Seng is down almost 5%, The main European Exchanges which have just opened are dropping like a rock. As far as I can tell the only thing going up right now is the US Dollar (talk about resurrection from the dead) and closely related Treasuries. Commodities are getting hammered with oil down over 6%, gold down about 4% and silver reminds me of some road kill I have seen recently. DOW Futures are down around 300.
All of which brings to mind some sage advice I once got. In a panic the second one who yells "SELL!" is the first looser.
The Terrible, Troubling Test
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