The Wheels Come Off. Carmaggedon is Upon US

By Jon Nadler
12 December 2008 @ 09:24 am EDT

This week's attempt at a breakout in commodities turned into a breakdown following the US Senate's decision that failure is definitely one option for the beleaguered American auto industry. Stocks did not take the news well either, with the Nikkei losing 484 points and other Asian markets turning down as well. US stock futures looked to be heading for their or car wreck this morning as news that bankruptcy attorneys were sharpening their expensive pencils while rating agencies were cutting Big Three ratings to 'sell' swirled around newsrooms. We saw an emotional overreaction to the near-passage of the plan. Now, get ready for an equal but opposite reaction in the other direction.

IBTimes Commodity Commentaries

E-Newsletters

We value your privacy. Your email address will not be shared.

Home
World
US
Economy
Companies
Tech
Science
Global Markets
Education
Real Estate
Forex
Commodities
Gold & Silver Matters
More Sections
Fashion
Auto
Travel
Health
Law
Entertainment
Sports
Luxury
Art
Books
Tech & Trend
Tools & Features
Topics
Blogs
Market Data
Stock Watch List
Investment Calculator
Financial Glossary
Broker Center
World Business Headlines
Updates
RSS Feeds
IBTimes on Twitter
IBTimes on Facebook
E-Newsletters
Services
Forex Newsfeed
Research
Press Release
About IBTimes
News Licensing
Media Kit
Advertise with Us
About IBTimes
Contact Us
Terms of Service
Privacy Policy