Today’s massive market selling abated at the end of the day. This really depends on what you call "rumors" and what you call "hope", but the talk today in the afternoon is around coordinated global response from some or all of the G8 members. Some are calling on central banks to cut rates on a coordinated basis. Others are calling for an emergency G8 meeting.
If there is a truly coordinated move from the G8, you would see action from the United States, Canada, France, Germany, Italy,Japan, Russia, the United Kingdom, and the European Union. Whether this occurs remains to be seen. It has been yearssince we have seen such an event.
The DJIA had been down as low as 9,525.32 and the market is now "only" down 4.75% at 9,834.12.
Jon C. Ogg
October 6, 2008