I’ll finish today’s onslaught on your email inbox with something short and, well, not so sweet.
Here’s Jim Bianco pointing to the last time we saw intraday action like today’s:
“Another day another amazing stat… Today the DJIA was up over 4% and closed down on the day. Since 1925 (95 yrs!), up more than 4% and closing down on the day has happened only one other time … Oct 14, 2008 (Tsy Sec Hank Paulson forced the banks to take TARP money).”
“The S&P 500 was up 3.5% at the high and closed down on the day. Since April 1982 (daily H,L,C began) has happened three other times…Oct 3, 08, Oct 14, 08, and Oct 17, 08. This mkt continues to trade like Oct 08. It was six months and another 25% down before the low.”
Yes, as I’ve pointed out herein on multiple occasions over the past few weeks, the kind of volatility and the huge rallies that come with it we’ve experienced of late is the kind typically seen amid nasty bear markets, and, alas, long before they’re through…