Very worried about tonight. The Dow futures pointed to a stabilising rally of 1-2% before it tanked (700 points) on the back of "good" news about the Fed buying up commercial paper.
As for the inevitable bounce, keep things in perspective. Japan recorded 12 consecutive down days before finally rebounding (a record since 1954) in July this year.
The Dow has currently plunged from 10,850.66 on 30 September to 9,447.11 by the close of 7 October - 5 straight declines.
As much as I would like to believe that tomorrow will be a green, I wouldn't recommend hoarding stock in anticipation of the event occuring, although chances are increasing that it will have a decent rally sooner rather than later. Currently the Dow futures do not look very promising (-71).
BNB closed at 2.37 on 25 September 2008. It just closed (8 October 2008) at 1.05. This represents a decline of 56%. Unfortunately the European Bank losses recorded on the FTSE and elsewhere yesterday (declines of 30%), while dramatic, would be preferable scenario.
Keep in mind also that the SEC short selling ban expires on Wednesday (11:59 ET) tomorrow (i.e. in time for Friday's opening). This stock could plunge much further still and the next few weeks don't look very positive.
DYOR.
BNB
babcock & brown limited
