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You're witnessing it in real time. Nothing the Fed can do after rates go to Zero. The market knows it, as well. This is a broken economy, broken central bank, and broken market. Now we must make the best of it.

Yep, 15 :(

wow down 14%. do I hear 15%, 15?

No. When you adjust for volatility Hong Kong and the US are doing the same dance. They are both back to their respective 2003-2004 trading ranges.

GDP reports today.

so we're about 2.25% to the downside before they lock up the futures? (if need be). Could come within an hour as the Euro markets open.

By now, our world monetary leaders need to understand that jawboning is seen as a joke by the markets. You can jawbone when the world isn't experiencing contagion; when we're in deep shit, the leaders need to provide action. That's the test of leadership, and among our central bankers, there's...

Zaijien, Asia Pac, hen gaoxin renshi nimen!

Evidence that the market wants a half rate cut now: http://www.newyorkfed.org/charts/ff/ This actually needed to be delivered yesterday, but Bernanke insists upon executing the playbook which has consistently proven unsuccessful thus far.

On Friday the US futures sunk down lock-limit. Asia was crashing. You didn't cut rates. The US markets actually rose from their open but still closed down a hefty bit. You got lucky. Today, if the futures are down big again, you can't do the same. You must cut huge in order to restore what...

HSI down 8%. This is getting ridiculous.

seems as if japan and us focused on devaluing their currencies, the equity markets would calm down.

Well, these market appear to be in rougher shape than I thought. I expect a sell off then a rally to green tonight, but just look at the Kospi. It can't keep a 1% bump after a 10% sell off. WEAK.

Oh, gee, I am thinking the same thing. Both of can't be right ;)

Trader 5287, that seems right because the ES futures ask/bid shows a midpoint of about 1 full point below Friday's closing price for the ES contract. That's not a big dip at all. My point it, I don't think we're going to see the Asian markets gap down 5%+, they may close in that territory...

Well, one market that is open is the currency market. EUR:JPY is trading down again, and, unless it reverses, the trend most likely for indexes around the world is down.

You know, I've been thinking about this, and I remember the huge dip that hit the market during election day, when it feared Kerry would win, then the huge rally when it realized Bush would win. I think the markets would welcome an Obama victory, in the short term. Right now the current...

Well, I'm just curious how Bloomberg gets "live" numbers for the N225 contracts when the Japanese and US exchanges are closed. If there is an exchange open that trades this contract, please let me know.

You sure that's not where they closed on Friday? If so, they'd be up a little. I don't think they're trading now from their Friday low. Pretty sure the exchange opens for trading at 7:30 PM EST tonight.

Hi staff, are you referring to the range of the vix or the dow? thanks.