This is going to be short and sweet… We’ve broken the lows from 2003. It is very possible that we go much lower from here. We may get a bounce, but there seems to be a major lack of buyers. I wouldn’t be surprised to see a gap down tomorrow as all the people who weren’t watching the market today realize what happened and decide to sell first thing.
Frankly, we are now in uncharted territory. It seems as though we’ve corrected (in the US equity markets) the excesses from 2003 – Present, but that leave the bubble up to 2000 that was never allowed to correct due to the cheap money thrown around.
My fear is that we are only part way there. Remember in the movie Titanic when the ship started sinking. At first everything was calm and orderly. Eventually panic broke out as it started to go down and eventually broke in half. Have you seen panic yet? I sure haven’t. If this isn’t panic then imagine what is.
More soon.
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