My personal bet is that we got a market top and everyone's running for the door. Meanwhile, most spectators want some kind of 'reason' that explains why prices do what they do, I just noticed this thread: "
US stocks drop as global rout gains force" w/ the usual 'the market's rigged' song'n'dance... Kind of reminds me of the classic tale of the early 1900's when some office boy ran up to J.P. Morgan and asked "what are stocks going to do next Mr. Morgan???" and the reply was "--they will fluctuate, they will fluctuate."
In the meantime I'm definitely seeing a great time for profit taking, either prices will continue to plunge and I can smirk, or they'll rebound (like they're doing now) and I can ignore it and enjoy my profits.
Huh. After all that fuss about a record sell off the S&P ended flat and the NASDAQ actually came out ahead a half %. Today futures see 'em off slightly and they got metals off a bit more. Reports today - MBA Mortgage Index, Crude Inventories, and Treasury Budget.
Otherwise, GOOD MORNING!!