So much for a quiet trading session, as investors are looking for which retailers are having the best door-buster sales. Concerns about Dubai World’s $20 billion dollar debt load have the U.S. pre-market futures down 2.5%, after Europe and Asia spent our Thanksgiving Day holiday dropping more than 3% yesterday.
The selling pressure today could create even more volatility as trading desks around Wall Street are presumed to be running at half staff or less. The rush to safety assets is observed in Treasuries being bid and the dollar sharply higher, with is sending gold and oil, along with commodity shares, sharply lower. Credit default swaps on emerging market debt have risen sharply as the risk of default has become obvious due to this morning’s headlines!
The S&P 500 Index (SPX) futures are currently off their lows, which were as low as 1067 earlier.
Buckle up … this may get exciting!
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