This is what blood in the streets looks like. The Dow opened down almost $1100 points in the first three minutes. Three minutes later it bounced almost 700 points higher. As I write midmorning, the Dow is down almost 400 points. With this action I presume that the Fed will not increase rates, as rising rates are the last thing this market needs.
This morning shows us what panic can do. We saw panic on the down side and panic on the up side. And then it slowly turned to calm. The big question now is whether the market will test the morning lows. In the meantime the safest place to be is in gold.
Today’s action showed that investors are extremely nervous and are ready to panic on any unexpected news. With the Dow staging a recovery on its massive 1000 point decline, the recovery did not take the Dow into ... Log in or subscribe to continue reading.