The NYSE doesn't open officially until 9:30 a.m. but that hasn't stopped the red ink from creeping in during pre-trading. Gold prices are rising quickly already topping $1700.00 per ounce as crude oil tumbles based upon projected lower demands as the American economy suffers another major contraction. All of this is pointing to another bad day for Wall Street as investors scramble to find safe havens for their money. So far there doesn't seem to be much relief for the nervous as the Telecom industry giant Verizon gets hit with a strike Sunday which will impact those portfolios holding their stock as well. With current interest rates between 0% and 0.25%, there isn't much that the Federal Reserve can do to boost the amount of money currently in circulation.
The Nikkei index is down over 200 points with FTSE dropping over 80 points and DAX down 132 points in overnight trading as of this writing. You can view the latest information here.
So what are YOUR short-term plans? Do you plan to ride it out or are you planning to cut your losses and move your money elsewhere?
What is your long-term plan for an extended downturn should this current trend become an avalanche of Sell orders?
Do you think we are possibly facing another Market crash to rival the 1929 one that started the Great Depression?