Furious Stock Selloff Takes Historic Tone

[brooklynite]

Source: CNBC


Major U.S. Indexes
.DJIA 8262.11 -429.14 -4.94%

A tidal wave of global panic selling reached the US market. Stock futures hit loss limits hours before the start of trading, sending shivers through Wall Street while some hoped the market was finally forming a sustainable bottom.

Market veterans were marveling at the enormity of the collapse, with many saying they'd never seen anything to rival it.

"What happens over the next five to eight days will be spoken about for generations," Art Cashin, director of floor operations at UBS, said on CNBC. "Right now it looks like we're gooing to have that historic selloff. If we do and put in a fairly decent bottom, the resulting rally will be jaw-dropping and it will be an amazing event."

Read more: http://www.cnbc.com/id/27356373

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cheery

[WinkyDink]

1. WTH is BUYING, though?

[brooklynite]

2. People with available cash and a VERY long term view...

[JoFerret]

8. Bargain time

get ready to load up as soon as the housing market shows the slightest uptick.

[K Gardner]

3. me :-)

[LeftHander]

4. if no one takes a offer of a sale the sale is reoffered at lower price...

Thus the falling prices...it is not like every offer of a sale is picked up by a buyer...

[indio55555]

5. Feel sorry for the 60+ 401k holders.

They saved all their life on 401K and now when they retire in a year or so there will be nothing to live on. it lost approx 40% so far and still people are saying this is just the beginning.

[DavidDvorkin]

6. Speaking as one of those

I'm feeling rather sorry for myself.

[NashVegas]

9. I Have To Wonder

How much of the rush is coming from investors who are trying to cash out before the Boomers do?

[bemildred]

7. Gee, who could have predicted this? nt