Wobbling Towards the Weekend
Been an interesting week, hasn't it?
On Tuesday, the Dow Jones Industrial Average plunged over 400 points. At one point around 3pm, the NYSE trading systems that had been overloaded with sell orders were switched over to a backup system and the sells all executed within a span of minutes. The Dow plunged about 150 points. Basically, we had a mini-crash on Tuesday.
And it was probably due mainly to the crappy economic picture that is coming into focus. Can you say credit crunch?
Also, our northernly neighbors in Canada are experiencing an outright gas shortage. 25 Petro-Canada gas stations just closed in the Toronto area. That's Toronto - not Saskatchewan. Seems like a pretty big deal to me.
Across the province, 75 of the company's 440 stations ran out of gas on Wednesday. The gas shortage has left some motorists and taxi drivers hunting for open stations, then facing lengthy lines when they find one.
The good news is the shortage will only persist for about "seven to 10 days". Wow ...
And this morning the good old Dow was back to its tricks from Tuesday. As this post put it: Uh Oh. The market rebounded from the morning jitters, but all in all you have to be intrigued by the intensity of the bad things happening out there this week.
