I have no idea where the market will end today because the swings this entire day have been simply amazing. I can't remember a more volatile day - certainly nothing since early 2009. We started the morning with a huge swing of a couple 100 points on the Dow, and in the past hour we've seen multiple swings of such a nature. If you are a short term trader with any sort of stops out there, they are getting hit multiple times and then you are getting reversed.
We just did a 35+ point move down in the S&P 500, followed IMMEDIATELY by a 35+ move up. Whew.
Side note - the Fed is finally admitting what many of us have said - these pie in the sky idea of 3-4-5% GDP growth are nothing but fanciful tales. Considering all these budget deficit projections are based on 3-4% growth from here to the moon, you realize just how much more serious the situation is, and how off the CBO data is for projected deficits in the coming decade.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows