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We going to see a gap close at 8800?

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Robbie
Regular Contributor
The last few minutes were just a Friday sell-off. Lets see the close between 8550 & 8570
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_nova
Super Contributor
8378.95 actually. You're watching history repeat itself, in doubles. On Oct 24 1929 several banks and large investors stepped in with $20mil to prop up the market. The DOW closed down 6 points or 2% down from around 306. Today was no different except it was hedge funds selling off to get cash to redeem calls and they're not done. The DOW closed about 3.6% or 300 some pips down. I kid you not, this is no longer a game. If you have a really long horizon, you're ok, but if you need cash now?... you're up the spout. This drop aint over by a long shot
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_nova
Super Contributor
ok, so this chat has mostly been greenbeans and beetroot, but I'm pretty sure that next week is going to be the mother of all weeks. Did anyone hear anything about WaMu? Sure... The backers only have to pay out 43% of the insurance premium. That's pretty good but not good enough to stop a deep and buggering recession.
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