Witnesses described how the markets "just dropped". Oops, I think I got my stories mixed up, it was actually a British Airways 777 plane that crashed on landing at London's Heathrow airport, injuring 11 people. But other headlines are just as bad:
Thursday, January 17, 2008
Markets crash, many hurt
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6 comments:
look at the volume today. i still don't think the majority of people panicked today. heck, yesterday's volume on a 40-point drop in the dow was greater than today's.
SPY is sitting right on potential support at 133 or so. i know i've said it for the last few days, maybe tomorrow we get a giant flushout that sends the market through that support and then a giant intraday rally. i still think there's a good chance that doesn't happen due to a bernanke intervention and gap up.
At least the vix is finally starting to tick up a little.
trkarl
yeah it is...but it's still below those spikes from august and november. with the market making new lows, people aren't as scared as they were back in august and november. they really think bernanke will come in and save this market again or the shorts/put buyers are afraid of bernanke.
Matt
I totally agree with what you are saying. People have been conditioned that the fed will always save the day. We can't even have a ten to fifteen percent correction in the market without all the talking heads crying like babies. Corrections are a healthy part of the investment/business cycle. Since much of my successful strategies involve selling spreads for credit I like that high vix so I can go farther out of the money. Just have to be patient and wait for the setups I have found to be most successful for me.
small caps have lost about 20% from peak, right? This is long past where I expected a bounce, so I'm better off "spectating" for a while
markets selling off everywhere.
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