Yesterday I wrote about Professor Nouriel Roubini’s predictions for continued stress in the U.S. economy. Roubini is predicting a prolonged recession lasting two years or longer. While I was writing, Roubini was in London predicting wide-spread market panic that would require a suspension of trading and temporary closure of the markets. (Video) and (Article)
This morning trading in the S&P 500 futures on the Chicago Mercantile Exchange triggered “circuit-breaker” rules designed to curb the downdraft of futures trading. According to marketwatch.com:
The CME limits the S&P 500 futures to a drop of a 60 points and the Nasdaq 100 futures to a drop of 85 points during electronic action.They can still be traded electronically, only they can’t trade below those levels. Those contracts can fall more once the pits open at 9:30 a.m. Eastern. See external link on CME rules.
Keep your fingers crossed at 9:30 a.m. And someone, please, get Nouriel Roubini a pair of rose-colored glasses before he issues his next prediction.
As an antidote to the gloom…
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*Sigh*
Baby boomers can consider retiring in this part of Pennsylvania because they’re mostly state employees.