When the Dow plunges nearly 1.100 points in a few minutes at the open the usual response is call your financial experts.
I didn’t. I emailed him thinking everyone else would be calling.
So here are some of the pearls from Hugh Anderson of High Tower Las Vegas.
Hugh calls the 1,000 point drop “market hysteria.”
He writes:
“Markets tend to decline to a certain point, then rebound 1/3 to 1/2 of decline and then decline to the prior low. If that holds opportunistic buying is warranted, if not then lower prices should be expected.”
He recalled that markets fell last October on the “Ebola panic” this a.m. and “have recovered most of today’s loss.”
He says, “U.S. economy still mediocre but solid. Emerging markets are great stress led by China,” followed by “Duh! (A technical term by the way.)”
There you have it.
What I can’t figure out is this: was it a major collapse of 1,000 or an incredible comeback of nearly 800?
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