Friday, August 19, 2011
Market went down an additional 173 pts today.. We say 'Good!'
If stock market truly represented real Americans or the real economy, we'd express sadness and melancholy. But it doesn't, so we won't.
We were afraid today would be like last week.. a dramatic bounce of 400-600pts based on nothing real other than a need to buy on the dip. Perhaps that con will be occurring on Monday.
Today the Dow closed at 10,817.
Did you know what it closed at exactly 1 year ago today? 10,271.
So even with all the major drops, the market is still close to 600pts higher than 365 days ago. Shows you how artificially overvalued the market is based on QE 1 & 2 when NOTHING positive has happened to the US economy in a year's time to naturally boost the market.
The nation is proverbially the automobile stuck in mud.. spinnin' those tires like crazy! And of course like any revved up car, running out of 'gas'.
Vroom... Vroommmm... putt.. putt.. pttt.. pttt...
Posted by Susquehanna at Friday, August 19, 2011