Emergency Market Closure Possible Today

By The Greek - Economy and Markets:

Folks, an emergency stock market closure, a shortened day of trading and possibly closure through Monday, are very likely. We need some time to think things over.

The President's speech this morning was exactly what I feared it would be. It was another fluffy attempt to uplift American spirits. America is tired of that though, and his cheerful attitude does not match the feeling of America today, and so unfortunately, there's no confidence in him. His speech was therefore useless.

What America needs today is a sober, honest call to rally. I'm not speaking of stock market rally, but patriotic community rally. We need people to stop acting in their own self interests and to act for the whole. We need Americans to think about what they can do for their country again. This means, stop selling stocks in panic and fear.

Unfortunately, because of our government's failure to transcend this message, I expect excessive selling will lead to an emergency closure of the stock market and possible extension of closure through Monday, as they continue to attempt to rally the country. I hope some of America's most trusted financial market leaders, including Warren Buffet, will rise up this weekend and give America the lift it needs. I hope the presidential candidates-to-be will reserve time for public address, NOW that we need it, rather than two days before the election, when they need it.

This article makes no attempt to argue for or to debate whether market closure is a good idea generally. This is just my expectation, and depending on how things develop today, I believe it could well be necessary to stave off exaggerated anxiety typical of Friday trading. I hope to see money come into the market to lift shares before the close, but I fear that greater capital sources are driving another force, that of selling.

(Article interests: AMEX: DIA, AMEX: SPY, Nasdaq: QQQQ, NYSE: NYX, AMEX: DOG, AMEX: SDS, AMEX: QLD, AMEX: XLF, AMEX: IWM, AMEX: TWM, AMEX: IWD, AMEX: SDK). Please see our disclosures at the Wall Street Greek website and author bio pages found there.