I was scanning cable TV, when I noticed CNBC cut to the Asia feed Sunday evening. I saw gold was at $1026!!! WHAT!?!? It was at around $1002 when the market closed on Friday.
Well Asia is having a huge sell off with their market down 4% (it's Monday there already) over news that JP Morgan is buying Bear Stearns for only $2.00 a share!
So Fed Chairman Ben Bernanke had to step in with a rare (VERY rare) weekend emergency discount rate cut to 3.25% on the Fed Funds rate. (Couldn't even wait until the regular meeting this Tuesday.
Dow Jones futures are down for Monday morning as of the time of this post.
I had to wake up the WALL STREET WIRE and have it post an emergency alert:
Zuma Dogg spent all December-February warning Wall Street investors about market conditions that lead to today. See StrategyUpdate.com for all the blog posts that called every move before it happened. At the time they were outrageous predictions. Wanna know what will happen next...stick with Zuma Dogg. Maybe I'll post future predictions if I feel like it. And everyone who criticized my predictions can kiss my ass, losers. (Especially the Mega-losers who told me gold hit it's peak at $850, then at $900 they were sure it had peaked...then at $920 it was going back down to $850. Then at $1000 it was too late. But people make these proclamations based on "guesses", not fundamentals. And to those people...I'm sure the market has hit it's bottom and your stock portfolio is going to skyrocket. DO NOT BE FOOLED BY FALLING HOME VALUES, FINANCIAL INSTITUTION CRISIS, OIL AT $110, WEAK DOLLAR, LOWER PAYING JOBS, WHEAT/CORN/SOY BEANS AT RECORD HIGHS...THE MARKET IS GOING TO 14,000!!!
See Friday's Wall Street Alert here.
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