Google graph too small to show S&P/TSX tumble this morning

The Canadian stock market took such a dive this morning it went–literally–through the bottom of a Google Graph of the S&P/TSX Composite, the Canuck benchmark index (see this screenshot we took at 10.14 AM). The drop was largely attributed to Standard and Poor’s downgrading of the US’s long-term creditworthiness from AAA to AA plus on Friday.  The S&P/TSX Composite tumbled over 3 per cent in early morning trading before rebounding slightly.




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Google graph too small to show S&P/TSX tumble this morning

  1. We’ve had over 2 years in a last  ’window of opportunity’ to fix things….and yet have refused to…..so this was inevitable.

  2. I think big part of instability is what’s happening in Europe. Interesting how a few economically insignificant countries – Ireland, Iceland, Greece, Portugal – are about to cause an enormous amount of financial pain over next few years. Bigger economies of Europe don’t have funds, or public will ?, to constantly bail out feckless smaller countries. 

    KNGFish tweet a few days ago ~ “think of it as “reducing our fiscal footprint” — this will make the polar bears richer”. 

    • To make matters worse, France, Splain, Italy and the UK don’t look that good either.

      • Lucy, you got some Splainin’ to do…. :-)

         Inspired typo……

    • Interesting how a few economically insignificant countries – Ireland,
      Iceland, Greece, Portugal – are about to cause an enormous amount of
      financial pain over next few years.

      Sure, there are big problems in Europe, but for a bit of perspective, the COMBINED debt of all four countries you single out is less than 5% of the debt of the U.S.

      Bigger economies of Europe don’t have funds, or public will ?, to constantly bail out feckless smaller countries

      Well, that’s true, but it’s partially because the U.K. and France have a HIGHER Debt to GDP ratio than all of the countries you single out except Ireland, and even Germany has a higher Debt to GDP ratio than Portugal or Iceland.  So, Europe’s got problems, but it’s much wider spread than the small countries you mention.

      • “Well, that’s true, but it’s partially because the U.K. and France …. So, Europe’s got problems, but it’s much wider spread than the small countries you mention.”

        I agree entirely.

        My only point was that before Euro, Greece or Ireland fiscal problems would not be big deal – small economies and would not affect wider world – but now that Europe has its own money, Greece fecklessness can now bring down German economy. 

        Before euro, Merkel would not be under pressure at home trying to quell criticism. 

        Merkel Under Pressure:

        “The German Chancellor needs to convince her own ranks of decisions taken at a recent European Union summit, and quell criticism about an extension to controversial purchases by the European Central Bank of sovereign bonds of troubled euro members.”

        http://blogs.wsj.com/source/2011/08/08/merkel-under-pressure-at-home-on-euro-rescue/?mod=google_news_blog

        Michael Lewis – Beware Of Greeks Bearing Bonds:

        “But beyond a $1.2 trillion debt (roughly a quarter-million dollars for each working adult), there is a more frightening deficit. After systematically looting their own treasury, in a breathtaking binge of tax evasion, bribery, and creative accounting spurred on by Goldman Sachs, Greeks are sure of one thing: they can’t trust their fellow Greeks.”

        http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010

  3. Ouch!

  4. Once I built a railroad, I made it run, made it race against time. Once I built a railroad, now it’s done. Brother can you…

  5. Wow – great buying opportunity!!!  Can’t believe what I got filled at when the markets opened this a.m.

    • Stephen?  Is that you?

      • Lol!!   Sorry, couldn’t contain myself!!

    • Wow – great selling opportunity!!! Can’t believe the suckers who took stuff off my hands when the markets opened this a.m.  I’ll come back near the end of October to buy it back at a 60% discount.

      • And I will be collecting dividends @ 10.43% on a stock that is up 20% from the open while the TSX is down 500 points.
         
        “He who laughs last”

        • Hope it pans out for you. Seriously, I do. If you can pick winners in this market, good on ya. Most people won’t be able to — otherwise the market as a whole wouldn’t be down, now would it?

        • I will be collecting dividends @ 10.43% on a stock that is up 20% from the open while the TSX is down 500%.
           
          “He who laughs last”

          Well, I’m certainly laughing.  You think the TSX might be down by 500% by October???

          Today was pretty harsh, with the TSX down almost 500 points.  In order for the TSX to be down 500% from today by the end of October, pretty much every single trading day between now and October 31st will need to be twice as bad as today, with no positive days in that time period whatsoever.

          Call me naive, but I’m not THAT worried about the economy.

          • Should have been points not % - fixed it thks :-)

          • I actually did just figure it was hyperbole for effect, so I probably overreacted, but once I ran the numbers I had to comment!

            LOL

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