Financial analyst Clive P. Maund says this is only the beginning because "When a market tips into a crash on a Friday, what typically happens is that the thousands or even millions of investors who believed the mainstream media and didn’t see it coming spend the weekend “stewing” over their investments – and many of them decide to bail out come Monday."
Maund also believes we are seeing a "full-on market crash" and he adds "Thus we may see a massive down day tomorrow, possibly the worst of the crash phase, and it would not be that surprising to see the Dow Jones Industrials drop by 800 – 1000 points in one day, perhaps even more."
Dennis Gartman, author of "The Gartman Letter, is quoted at Zero Hedge as saying "survival is all that matters" right now and "all else is secondary."
Finally, we should all be in “survival mode” today; there is no reason to take action of any sort other than to raise liquidity where necessary in order to survive the present chaotic situation. The margin clerks are in control today and they can and will move markets where they wish and in whatever manner they wish. They have only one concern: the survival of their own companies and that must always be remembered. Can the EUR move even higher beyond the ludicrous level to which it has already risen? Yes, of course it can. Should it? No, of course it should not, but that matters not a whit this morning. Survival is all that matters. All else is secondary, even if that means surviving with far less liquidity than one had only mid-week last week.
This is time for retaining what liquidity we can muster; this is not a time for courage. Get smaller; get liquid and get safe. This is getting ugly and we can only hope it does not get worse.
Gerald Celene tells Greg Hunter of USA Watchdog that we are in "unprecedented territory" and that "People will be looking for a safe haven commodity when this all begins to collapse," and that "gold is a safe haven because "Gold has been looked upon as when all else fails, there is gold."
Top trends researcher Gerald Celente has recently predicted a market crash between now and the end of the year. It looks like that prediction is unfolding now, and Celente contends, “It’s very simple. You have a global slowdown, and this is after central banks have pumped in trillions of dollars, yen, yuan, euros and you name it to propping it up. We are in unprecedented territory. This has never happened before in the history of the world. . . . Even the Wall Street Journal came out last week with a front page story and said the Fed used up all its ammunition.
The Celente interview with Hunter can be seen in the second video below.
In the first video below, Stuart Varney tells Fox and Friends the central banks, the FED and U.S. government do not "have a plan to get out of this." Interest rates cannot be lowered because they are near zero now, they can't print more money (although Celente disagrees and thinks that is exactly what they are going to do to attempt to prop up the economy) and this administration won't lower business taxes, so they will have to ride it out and hope predictions like the one quoted above by Maund do not come to pass.