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Thursday, October 16, 2008

US Summary on 15102008

DJ MARKET TALK: S&P/ASX 200 Expected Down 5%-6%

Wed Oct 15 18:24:19 2008

2224 GMT [Dow Jones] S&P/ASX 200 generally expected to fall 5%-6% vs 6.9%
fall in overnight futures. Normal discount to futures would suggest 250 point
fall to 4050.0. Some traders expect bargain hunting to emerge like it did in
midst of despair last Friday. But that's a brave call, given there are more
U.S. economic data due tonight including CPI, industrial production, capacity
utilization, as well as Citigroup, Merrill and Bank of New York results. Also,
while the U.S. is still in the process of buying U.S. banks, there's a sense
that it's fired most of its policy shots in response to the financial crisis.
"There's much more pain to come," says one senior trader. "We haven't seen the
full knock-on effect (of the credit crunch) on the economy and it's going to be
a shock to the markets." Traders fear late selling on Wall Street may have been
related to mutual funds making way for more redemptions. There's risk of
redemption-related selling in Australia, which could soon push index to new
bear market low below 3960.65. Next support 3926.6. Index last 4300.0. (DWR)

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(END) Dow Jones Newswires

15-10-08 2224GMT

Copyright (c) 2008 Dow Jones & Company, Inc.

101508 22:24 -- GMT

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