Thursday, August 16, 2007


The Dow was down over 300 points twice today - the bottom came at 343 points in the afternoon. It actually moved into positive territory about a minute or so before trading ended, than finished down fifteen. The Nasdaq closed down almost 8 points, the S&P actually finished up more than 4 points after being down more than 30.

The shills on CNBC, nervous throughout the day, decided the market turnaround at the end of the day means things are basically okay with the markets.

So with the Dow experiencing triple digit ups and downs on a daily basis, anybody not in the market actually want to buy into it tomorrow?

Didn't think so.

Maybe the bottom came today and the markets will go back up.

Or maybe not.

Remember, no bad hedge fund/subprime news came out today.

We haven't heard the end of those problems.

I would be willing to bet the next time we hear of a fund refusing redemption requests, the markets will go crazy again.

Hell, they may go crazy again tomorrow even without any bad news.

Whichever way things go, you'd have to be crazy to listen to the assurances of the CNBC shills that conditions in the markets are basically okay.

As soon as the triple digit gyrations stop for an extended period of time, that's when I'll believe things have settled down.

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