Monday, July 23, 2012

23 July - A bad day for stocks


Asian markets closed Monday trading in red, losing about 1.5%. Hong Kong's Hang Seng index dropped the most with 3% or 587 points.


Shanghai SSE Composite set another new low of 2141 at the close. SSEC has been moving in a downtrend channel since August 2008.




 European markets plunged at the opening bell. Loses averaging about 3%. Greek market dropped a staggering 7.1% followed by the Austrian Vienna ATX at 6.23%.




The reason, nothing new, it is the same old debt problems with no solution in sight.  The rate for the Spanish Government 10-year note set a new record today at 7.476%. 


Attention has also turned to Greece today. Greek Prime Minister put the country situation similar to that of the 1930's Great Depression. The Athen Index Compos has dropped about 90% since its 2007's peak.
 

After the first 3 hours of trading, Dow dropped 164 points or 1.28% .



The journey to the south continues.




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