Yesterday the KL Composite Index went down -14.11 point to close at 876.56 point. According to the latest chart the KL Composite Index has already broken out from the Bearish Rising Wedge Formation and heading south. If today the index still closes down with huge minus, that should confirm that the index will move down further accordingly.
Dow Jones Industrial Average (DJIA) breaks the 7,000 point. The index tumble or down -299.64 point to close at 6,763.29 point. Basically we wouldn't know where the low is ? Some say the 6,000 points might be breach and by 2nd or 3rd quarters we might be eyeing 5,000 points and below.Wow......... if the Dow Jones eyeing for 5,000 points, I don't know how the world share market will look like ? Can we imagine what would really happen if the DJIA touches 5,000 points level ? It is still early to mention that the DJIA is going for that level. We will have to wait when the time arrive. It would be very bad, I think.
Yesterday insurance giant American International Group reported a stunning USD 62 billion quarterly loss on Monday, while government officials unveiled their latest efforts aimed at preventing the collapse of the firm. Luckily the U.S government rescue them for the third time or else if AIG collapse it would have disastrous consequences. A fourth quarter loss exceeding USD 60 billion, which is being reported as the largest quarterly loss in U.S. corporate history
The U.S. government has extended more than USD 150 billion to AIG since September 2008. Regulators have feared that the bankruptcy of AIG, which does business in more than 130 countries, would have create a collapse in the insurance industry. Geee........ I have a few policies under AIG Malaysia ......scary..... but what ever it is, Barack Obama will make sure that AIG won't collapse in the first place.
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