Black Tuesday?

A mammoth day on the global stock markets as the Chinese government moved to stem stock speculation and former Federal Reserve Chairman, Alan Greenspan, sparked concerns of softening Chinese and U.S. economies and the affects that would bring also hardship to the rest of the worlds' economies.

Greenspan's chatter sparked the worst single-day losses in many markets since the terrorist attacks of 9/11! The U.S. markets, measured by the Dow Jones Industrial Index (DJIA) lost over 400 points! The Shanghai Stock market lost nearly 9%, it's largest loss in over a decade! (Fortunately, it's already Wednesday in China, and at writing of this blog, the Chinese markets are headed slightly higher lead by Financial Blue Chips.)

Other markets around the globe also felt the drop, as economists, traders, and investors alike were forced to consider more closely the chances of an impending recession as the U.S. economy continues on one of it's longest periods of expansion ever! Greenspan's primary point was that things cannot go on forever and that more and more signs are pointing to the 'R' word by as soon as the end of 2007.

We'll have to wait and see when the right time is to pull the trigger and buy stocks again or to just put that money in your ING account.