Imran, I totally missed that one. I did see one report where she sort of implied "no panic selling", and in the next breath somehow managed to get a read on the general sentiment of small investors all over the country (i.e. they're hanging tough folks) from the NYSE. And let's face it, every small investor owning a share of stock sits at a screen 6 1/2 hours a day and was all over the sell-off from the get-go. Granted, I happened to be talking to a few people today who had no idea that the DOW was down 200 at one point - but, gee, maybe that's just the company I keep.
Then about 10-15 seconds later I think the anchor made a reference to some major institutional selling on bond futures out in Chicago (i.e. they're still selling mid-afternoon). Now obviously, the yield on the 30-year bond has no bearing whatsoever in the decision-making process of a money manager with a multi-billion dollar portfolio - remember, they take their cues from anecdotal evidence about the actions of people like you and me.
And brokers who have been making commissions hand over fist as we all realize how incredibly under-valued U.S. equities really are, well they obviously have no reason to play down some of the minor worries that may develop (totally unfounded worries, mind you) when they see the DOW take a tiny step down of a mere 2 to 2 1/2 percentage points in a few hours <g>
Good trading,
Tom |
