Both the MICEX and RTS exchanges have been closed - lock limit down.
The markets have rendered their decision on the G7, Geithner and Obama's administration thus far, as expressed by Rick Santelli on CNBC this morning. As a picture is worth 1000 words, here 'ya go:
CNBC was running Terminator II theme music as their bumper this morning; that's pretty accurate. There is no chart support left between here and (unfortunately) the 500s in the SPX, and there's an argument to be made that the next real support is down around that dreadful 210 target that I laid out a couple of weeks ago.
Obama's administration must stop dicking around with asset prices. The "credit freeze" is manufactured as a consequence of idiotic actions of government; by at the same time threatening to support asset prices and destroy their value they have blown bid/offer spreads out to the point that trades cannot take place.
Ok, Peacenik has calmed down. (See previous post) This is only information afterall. Nothing Peacenik can do about it. So what if Russia had to close its stock exchange. So what if the markets are tanking and voting thumbs down on Geithner's stimulus plans. Pogge is starting for the Leafs tonight. And Canadian Tire has a sale on portable generators. And Peacenik still has some beer in the fridge. Life is good.
