Spread bettors have been delving into the Wall Street (Dow Jones) Index as it dropped below the psychological barrier of 10,000 points at 3pm on Monday. Shortly after the markets opened in the US the DJIA dropped below 10,000 for the first time in four years.
The movement in the index has been attributed to uncertainty in the world markets and ongoing fears around the banking sectors on both sides of the Atlantic. The DJIA or Wall St. Index dropped 29.40% from the 12 month high of 14,164.53 which it reached on 9 October 2007. Meanwhile, confusion in the markets has seen:
Crude Oil prices drop below $90 per barrel, their lowest point in 8 months
paddypowertrader, says that it has watched spread bettors start to short indices in growing numbers. Apparently there has been a surge since the ban on shorting financial companies was introduced on 19 September. Ongoing uncertainties in the equities markets triggered the 487 point or 4.73% drop in the US index on Monday.
According to Davin McAnaney of paddypowertrader, “It seems that our clients are carefully watching the movements of world markets such as the DJIA, the FTSE and the ISEQ Top 20 because of conflicting reports and volatility in those markets. The DJIA seems to be literally falling of a cliff. The last time that the DJIA was this low was October 2004. Traders are understandably nervous at the moment”.
Current Indices Spreads with paddypowertrader
FTSE 100 Rolling Daily:
4609.5 - 4610.5
Wall St (Dow Jones) Rolling Daily:
10009 - 10014
ISEQ Top 20:
652.5 - 660.5
Notes
Article prices quoted as of 5.30pm, 6 Oct 08
paddypowertrader Indices Spreads quoted as of 9.00am, 7 Oct 08
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'Wall Street Index Drops to 10000' by paddypowertrader, updated 07-Oct-08
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