For those of you who watch equity markets closely, you'll have noticed the indicies completely fall apart an hour ago - the S&P 500 was down 8%, and TSX was down 4%.
I believe the sharp drop was triggered by an error at a large, global investment bank - their futures desk entered a sale of $19B S&Ps, rather than $19M. Clearly there was some technology error element to the sell-off, given the huge immediate drop in major US stocks (PG dropped $20 in 2 mins, ACN went from $40 to $0.01!). And in Canada, large-cap interlisted stocks significantly underperformed pure domestic listings.
Bottom line: certainly a difficult day in the equity markets today, but no where near as bad as it looked this afternoon. Don't be too spooked by news headlines tonight or tomorrow.
All the best -
Ich habe vorsichtshalber mal eben Cash am Automaten für 2 Monate geholt. Ob es auf dem Girokonto vergammelt oder aber im Safe liegt, spielt keine Rolle. Guten Schlaf ersetzt hingegen nichts!
Währungen sind ein guter Indikator und der EUR verliert 5% gegen den YEN. Gold kratzt an der 1200 und Öl fällt fast 5%.
