After watching this incredible bubble go up every-freaking-day and the speculative fever feed on itself, the market finally got its reality check today.
Tied For Second Largest Point Drop (rounding up)
Today’s flop marks only the third time in history where the Dow closes down over 1,000 points and only missed second place for the biggest point drop by 1.66 points. Not even in the zip code for the largest percentage drop, however.
Start Of The Big Bad Bear?
So is this the start of the big one? Who the heck knows but stonks are still at extreme valuations (see chart below) and it is not exactly the greatest global economy ever.
The drumbeats for interest rate cuts and more QE from the Market Socialists are about to begin soon. What a farce.
Didn’t Moses once say,
“Let thy markets clear.”