You can say that again... The problem about the current state of the stock markets is that even the experts are lost when asked what causes the out of control breaking of any conceivable support anywhere, or what drives ALL the major indices south to abyssal depths unseen in the history of mankind. Yep, you read right, not just a few individual stocks but all of them buggers all at the same time! My favorite hyper energetic CNBC anchor Maria Bartiromo was really mad at one particular point during today's session, while reporting from the NYSE floor. This is a market of just sellers, no buyers she cried in despair, barely short of shouting WTF! The fearful flocks hang onto their cash whereas the fast and the furious drive blue chips via persistant short-selling to levels not seen before, even in the crash of 29. Take GM as an example. It has been trading today at the levels of 1951-2 (before I was even born!) when a car used to cost 3000 dollars max and gaz was 20 cents a gallon! What can I say!?!
When is this gonna end? Eventually, for sure... probably after some more government intervention worldwide and after reaching a position where things seize to appear any more attractive to shortsellers. That's any time soon but I wouldn't hold my breath, if I were you. I was glad to see today that my favorite AAPL has been holding rather well for most of the session; eventually losing far less in % points than the Nasdaq itself when the market crashed half hour before the close. That was thanks to Apple's invitation of the Press to an event to show-off new Macbook designs soon to be launched, on time for the holiday season. I wouldn't be surprised to have seen them flirting with the mid seventies otherwise, without this little push by mom Apple Inc.
Today's been quite an interesting market crash day... (jeez, I even started to get used to weekly crashes nowadays...). Typically, we see gold bullions gallop sharply north in days like today as most investors run for it as a safe haven. No today though! Everything went south, gold, oil, stocks! AMAZING! I believe that the current situation is especially troubling to most traditional economics theorists, especially those defending the concept of self-regulating free markets (my ass!). What next? You know, most of our theories hold when things are quasi at rest... the moment turbulence starts, chaos dominates and math models break down, everybody's about to run for their lives and theories go down the toilet. Nevertheless, the audacious emerge with shedloads of dough in the pockets. Fortune favors the bold!
Watch this space... undoubtedly, much more to come. By the way, volatility index VIX jumped above 60 points (VIX in its 50s is abnormally huge, 60 is once in a lifetime sort of thing!)
I suggested to my spouse to be lighting candles in her church for things to start changin'. Ask your spouses and friends to do the same, folks. What else ? Sad to admit, this millenium sofar, along with that White House Texan cowboy who started this mess 8 yrs ago, has been nothing else than a continuous disaster after disaster for almost everyone on the planet, security-wise and financially! And... to think that way too many redneck voters are getting ready to go vote for a McCunt sequel to this? OMG!!! We are doomed!