Overnight Dow futures watch: -207 as of midnight ET

[Newsjock]

http://money.cnn.com/data/premarket

Looks like potentially an interesting post-holiday stock market session.

Thanks a lot, Dubai World.

[AllentownJake]

1. On the plus side Goldman Sachs was putting out reports how great the markets are in December

Of course they could be punking everyone and taking the opposite positions again.

[pscot]

4. That's generally a clear signal

that they're short.

[AllentownJake]

5. I know but one can dream

[girl gone mad]

2. who didn't see this one coming?

I mean, seriously..

[paulsby]

7. IF you saw it coming, then you should be profiting right now

on a futures short.

fwiw.

[lpbk2713]

3. If you're going to thank them

... you might as well thank Deadeye Dick Cheneyburton while you're at it.

[paulsby]

6. sweet

the market is overbought as hell. we NEED a nice pback. i'd like to see it go right down to 9k in the next week or two.

[Newsjock]

8. Dow futures now -301

Gonna be interesting today.

[mwb970]

27. And even more interesting next week.

As I see it, the market is still trending up. This Dubai news wasn't priced in so it creates a dip, which many investors will "buy into" in coming days.

One day's action on the market is not an indicator of anything. If you look week by week or month by month, you can plainly see that the background movement is still upward at this point, for whatever reason.

[AllentownJake]

32. December is traditionally a good month for the market

[Newsjock]

9. U.S. stock market futures point to heavy losses

http://www.marketwatch.com/story/us-stock-market-futures-point-to-heavy-losses-2009-11-27

U.S. stock market futures are trading sharply lower in the wake of a heavy sell-off overnight in Asia as nervous markets worried about banks' exposure to Dubai World's debt. Futures for the Dow Jones Industrial Average were down 301 points, or nearly 3%, to 10,141. Futures for the S&P 500 were down 39.1 points, or 3.6%, to 1,069.50, while futures for the Nasdaq 100 were down 65 points, or 3.6%, to 1,729.25.

[Ichingcarpenter]

10. What's the dollar doing against the euro?

Normally when the US stock market goes up the dollar goes down against the euro. When the market goes down the dollar goes up, not always but usually.

[spinbaby]

25. Looks like very slight gain against the Euro

Losing big time against the Yen, though. It's at 86.4950 yen per dollar, down from around 89 a couple of days ago. The last time I was in Japan in 07, you could get about 120 yen per dollar.

[Better Today]

11. Amid all the doom and gloom, European stocks don't seem to be

starting out all that bad. Well, they look like they started, but are climbing back to "slipping" rather than "crashing".

[AllentownJake]

12. They hit the wall yesterday

US didn't have the ability to react to news, market closed.

http://www.businessinsider.com/red-thursday-european-markets-turn-into-a-bloodbath-2009-11

[Better Today]

16. True, but Asian stocks had a second bad today, European didn't seem as bad last I checked.

[AllentownJake]

17. How are their banks doing?

[Better Today]

19. Sorry, only moderately stock market savvy, I don't get the point to your question.

From what I've been reading both Asian and European banks are heavily invested in Dubai, with US not so much. If I'm "getting" what you're asking, I would see Europe as not having as much to lose because their banking is less involved in the issue? So only one day of severe reaction?

[AllentownJake]

21. People are going to spend the weekend looking for two things

How the US/European governments react (buying bad Dubai assets, dropping money into Dubai, injecting more liquidity etc).

Checking the other exposure of the banking to other countries debt that is distressed, in case of other defaults by other countries.

This news was dropped on Thanksgiving for a reason, let me put it this way, Tim Geithner and Ben Bernake were on cell phones during their Turkey dinners if they ate them at all.

[AllentownJake]

18. Citi group is going to take a big hit today

They have the largest exposure in loans and also the Dubai government has a large position in their stock (I.E this is an asset they can sell to pay debts).

[Better Today]

20. Well maybe by the time I have to look at foreclosure, Citibank will be dead.

Wouldn't that be nice for me? Then if/when I get a letter saying the loan is transferred (again, Citi is the fifth to have my loan), I can demand they show me the papers. Perhaps that will slow the foreclosure proceedings for a while till the economy picks up and I can either get a job or restart my biz.

[AllentownJake]

22. The US Government has a 39% share

If anything your loan will be with Uncle Sam...probably a better party to negotiate your financial position with.

[AllentownJake]

24. Down close to 6% in Pre-Market trading

Citigroup that is

[Better Today]

26. Just Citigroup? or the whole Pre-Market?

[AllentownJake]

28. Pre-market at around -3%

Goldman is taking a -7% hit

[Better Today]

31. Well Citi and Goldman getting hit fills me with joy,. . . the knowledge that

my lot in life is likely going to get worse with the second wave of recession. . .well let's just say I've not slept tonight or many recent nights. . . I guess insomnia and I are going to be close friends for quite a while.

[TheWatcher]

13. That's right. America need not fret, because the heroes that the Cheerleading Faithful worship

The Fed, The Banksters, The HFT Manipulators, and the other Criminal Caretakers of the Casino just took a day off for Thanksgiving, that's all.

They will be back full swing in just a few hours to return the Fantasy Island, Truman Show, Jobless Recovery Economy to the Drooling, Hypnotized Masses, already in progress.

All it will take is some more Infinite Fiat Slinging, Infinite Bid Nonsense, and everything will be right as rain, and the Last Train to Weimarville will be Leaving The Station on Schedule.

Now, let's focus on the things that matter, like those high profile Retailer Black Friday Doorbusters.

Praise Marty Moose.

[Better Today]

15. Was that a response to my post? If so, I don't get your point as it relates to my post.

If you're suggesting that I'm a cheerleader for Wall Street, you couldn't be farther from accurate. On the other hand, I need the economy to pick as there are no jobs around here and I'm on my last legs. If the stock market recovering helps that then fine, but I don't think it will. I really think it's going to take another stimulus and I think the banks with high rate credit cards need to pay that tax bill. They need us to be able to spend, so they should foot the bill on the job recovery package.

[TheWatcher]

23. Not a response to you at all, just a general observation from someone who is disgusted with it all.

And I hardly think you are a cheerleader.

We all need the Economy to pick up, but Propaganda, Fake Profits, and an artificial Stock market bubble, as well as this ridiculous myth they call a "Jobless Recovery", are not going to do the trick.

We The People need help, and we are not getting anything but happy talk, Lip service, Propaganda, complete and utter no accountability, and the continuation of the Ponzi Shell Game that CAUSED the Crisis to begin with.

And for the most part, the American Public is BUYING all the recovery nonsense, completely oblivious to the fact that blind faith in bullshit is not going to save the economy, much less help it recover, and that those in control are doing next to nothing to solve any of the problems.

In fact, the Status Quo is continuing, and We The People are being left to eat cake, or whatever crumbs we're allowed to have.

Illusion of Recovery is not Recovery.

What has been interesting to me is exactly how long TPTB are going to be able to keep this Wizard Of Oz fictional nonsense alive.

[DemocratSinceBirth]

14. Wow

Maybe oil will slide back to $40.00 a barrel.

[Better Today]

29. So I'm wondering your opinion on the advantage or disadvantage of

having been closed yesterday and only half day trading today? Will that buffer the problems here do you think? Or do you think that by Monday the mood will worsen?

Edited to add: OOPs, sorry I see you sort of already answered above. My bad.

[AllentownJake]

30. A day trader pointed out the half day is bad news

It doesn't allow for people to come back into the market after the sell off in the afternoon and recover some losses.

Monday depends on what is discovered and the reaction of governments and financial entities over the weekend.

[aikoaiko]

33. whoops. I'll wait and see

[Better Today]

34. Well it could've been worse. I'm going to phathom a guess that by

Monday, all the rich SOBs that play in the market will decide that the bubble is more rewarding than the concern and we will not drop much more on this issue.

My internal schadenfreude hopes I'm wrong. My good sense and need for a recovering economy hopes I'm right.