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  • ivory_keys71 ivory_keys71 Oct 24, 2008 9:28 AM Flag


    Markets in 'panic mode', capitulation in sight - analysts
    By Nick Godt
    Last update: 9:23 a.m. EDT Oct. 24, 2008
    NEW YORK (MarketWatch) -- Global markets have entered panic mode Friday, and capitulation -- when selling reaches an apex which then allows markets to form a bottom -- might be reached during the session, analysts said. "Today could be the day of capitulation," said Owen Fitzpatrick, head of U.S. equity at Deutsche Bank. Futures for the Dow Jones Industrial Average ($INDU:
    $INDU, , ) were last down 550 points, or 6.3%, to 8,224, pointing to a severe downdraft at the open following plunges in Asian and European markets. "We're in massive panic mode right now," said Peter Cardillo, market economist at Avalon Partners. "When madness enters the market arena, it's generally followed by capitulation." End of Story

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