Sunday's S&P futures open WAY DOWN

[PaceAdvantage]

Currently down 30 points off of Friday's close, which translates to about 250 DOW points...

It will be interesting to see if this type of big move down in the thinly traded pre-market hours reverses itself, as it often does, or if the shit really hits the fan come 9:30 tomorrow morning...

[Saratoga_Mike]

Two statements out today - one joint statement from Sarkozy/Merkel and one from the ECB. The one from the ECB is less explict about buying Italian debt than investors had hoped, which tells me there's lots of dissent within the ECB. Expect a statement from the G-7 shortly.

[sonnyp]

tomorrow night is the opening of the saratoga yearling sale. this is not good news for that crowd.

[Shemp Howard]

Down 1,000 Monday on the Dow.

[toussaud]

tomorrow night is the opening of the saratoga yearling sale. this is not good news for that crowd.
could not possibly have come at a worst time

[lamboguy]

the Nikkei Index has really driven me crazy over the last year. i have been completly wrong about the move in that one. japan has been in an over 20 year bear in that market. i am bringing that up because i suspect that it will be alot longer for the united states equity markets. for the time being i really don't see any market in the world that is primed read and set for growth going forward for the short run here. i have even miscalculated the gold market too, it is hitting my numbers much faster than i had expected them to. i am going to have to re-due my models now in order to come up with more accurate targets on that market because when it all boils down to it that is the only market that means anything to anyone for a long time to come

[PaceAdvantage]

Down 1,000 Monday on the Dow.I have a feeling this downgrade, for the most part, was already worked into that 500 point drop the other day. The market has a habit of seeing things before the rest of us... :lol:

In this instance, it may be sell the rumor, buy the news.

It will be another wild ride in a few hours, that's about all I will guarantee.

Already 646,000 contracts have been traded on the ES, and it's only five in the morning. That's HUGE.

[Saratoga_Mike]

The debt downgrade is a sideshow. Europe is the main show. I don't care what the media may be reporting. They're clueless.

[JBmadera]

Been trading the ES since 3:30 yesterday afternoon (PDT), unreal volume for the overnight session. a lot of pressure but I still think we see a relief rally.

[Valuist]

The close will be interesting. Wouldn't be shocked to see it make a comeback in the final few hours.

[BlueShoe]

As I type these words gold is up $70, the Dow went under 11,000, and Barack Obama a few minutes ago finished his speech. Have to wonder if these things are somehow connected? Cannot prove it, but it seems that whenever Obama or Ben Bernanke gives a speech the market for that day has taken a plunge, in this case, an even more severe one.

[Shemp Howard]

The close will be interesting. Wouldn't be shocked to see it make a comeback in the final few hours.

Owe-Bama opended his mouth nwith some sophomoric comments and anoter 300 points were lost. We're leaderless.

Careful if you own one of the largwe MM cash reserve accounts. They're filled with European Sovereign debts/

[ElKabong]

I work with a LOT of Euros, in my bldg. Today you can hear the tone in their voice change- for the first time - about their situation across the pond.

I just don't see a good ending here, for anyone. It's not just the past 2-3 trading days..., our Legislators didn't go far enough with cuts, the economy isn't generating enough to produce sufficient revenues, the dems do not have a viable plan for raising taxes on the so-called rich.

Not sure where we go from here.

[mostpost]

Interesting that the first working day after the downgrade, investors are taking their money out of the stock market and putting it in U.S. Treasuries.