I've not seen such a precipitous drop in DJ or SP500 before! STI's fall yesterday seems like child's play when compared to the big brothers over at US. I think STI might fall 6% too, so it will be around 2200. Too bad I've got work, otherwise watch the historic moment unfold.
When I came back home, I was rather shocked to learn that STI did not break 2200. In fact, it's slightly neutral at -0.1%.
What a world of difference a few hours make! Market is hard to predict indeed. STI is surprisingly strong. After going down to 2240, STI rebounded and never looked back. HSI also went from -1k to +135 intraday. Invisible hands at work here?
A little market trivia: The title of this article, "Death of equities", was published by Business Week. Then, DJ was around 800. But by the early 90s, DJ had risen over to over 3k. The rise was started around 3 months after the article was published :)