Yes, but I think there's other things going on here, like repatriation, the lack of a convincing bottom, and a bunch of cycle stuff that could give us another week of this.
Also, I don't completely understand this, frankly, but I'm told there's a problem with the new 'near' Dow futures contract, which has seen three times normal volume lately. In other words, if I'm guessing right, rather than just cut their losses as they did in September, index futures positions may have just been rolled over, which means the problem of being 8% or so underwater remains. This may have been what happened in March 2001, when selling continued for a week or two after expiry. Am trying to find out more. |
