Rosemary,
The frightening thing is that things seem to be accelerating to the downside. If there is another meltdown day tommorrow it could be 1300-1500 points off the Dow in 4 sessions, which would be about equal to the '87 debacle. This thing could feed on itself for awhile. I don't care what the pundits say, things get bad enough and folks will panic. The difference this time is that the building is MUCH taller, and in the short run nobody will care about growth, market share, etc. They will only care about getting out with whatever profit they have left. Could be a bad situation, hope it's not the case, but tommorrow could be a pivotal day in the market. It would be nice if we tanked on the open (and did not hit any of the circuit breakers), and then had a nice rally toward the end of the day. The worst scenario in my view is that we hit the breakers and trading shuts down early, then reopens and things get worse....
John
PS Then again, since corrections are getting shorter, we could meet the 20% bear market rule of thumb in a matter of days here. How about it, a Dow bear market in 5 trading sessions..... |
