"I would like to see a day when the DOW opens down by 800-1000pts and then rebound that will be the bottom " - Art Cashin, UBS Floor Trading Head NYSE.
Today the DOW Futures & the S&P Futures has hit limit down and halted from trading. There will be tremendous selling pressure when the market opens. Like I said in my post this selling is due to redemptions related in part to the collapse of Lehman Brothers - it is not due to any rational thinking or considerations.
I've prepared a lot of coffee to stay awake to watch the fireworks. There is this theory that there is a lot of money on the sidelines waiting to buy when the price is right. This market will crash and draw out this money from the sidelines and cause a rebound?....Lets see!!!!
Tonight is the night. I'm sure it will be a historic day on the financial markets.