US equities got spanked last week... even the okay unemployment number didn't help much on Friday. Then the US downgrade to AA+ fueled extra fire for today's beating. If you guys don't trade or have access to a platform you can track the market realtime here: FreeStockCharts.com - Web's Best Streaming Realtime Stock Charts - Free
Use SPY to track the main market (also QQQQ, IWM, DIA). (Crude: USO, Nat Gas: UNG, Gold: GLD, Silver: SLV). But yea, a ton of downside momentum, the VIX is ripping, Gold making new highs = not good).
Since most of you guys are Canadians this is actually not such bad news for you since your economy is dominated by commodities. Toronto as a financial center will get hurt (see Bank of America today) but gold stocks are actually green. Gold in general is ripping today. Commodity countries such as Canada, Brazil, Australia, South Africa, etc. are not in as bad shape as the US. But still only metals are doing well (copper is getting crushed as it trades more with techs - semiconductors)... energy prices are going down (good for some, bad for others). Will be interesting to see what the CAD/USD does. Usually world equity markets will all sell (including commodity countries) but the currency is more important as it's a better measure for "real" wealth.
The irony is that the US economy sucks, but pretty much elsewhere it's just worse. The US Treasuries are still "flight to safety" assets, and the USD is still the world's reserve currency. It's bad in the US, but worse in Europe. Asian countries, China, needs the US to buy their goods (export-dependent economy). Japan and China also hold a sh!tload of US Treasuries... if they were to sell such huge positions then they would hurt themselves by making the prices worthless.
The S&P 500 is down 9% in 1 yr or 8.5% YTD...
The S&P closed down 6.66% today.... 666... The S&P's low in Spring of 2009 was 666... coincidence or conspiracy lol