Posted By RichC on September 22, 2011
It is a painful day today on the financial markets as all “indicators” show heavy selling on Wall Street and even in the precious metals markets – not much optimism. It is difficult to watch as people who try to save for a home, for college or retirement, see their assets shed large chunks of value … in just two days we’ve seen losses mount to near double digit percentages (two day Dow chart below).
As I stop working to watch the closing of the markets today (3:30 PM EST), the Dow is down over 500 points; we’re near “panic” selling. Some … very few … are suggesting this is time to pick up some bargain basement priced companies. Let’s hope there is some closing comeback.
EDIT: After receiving a couple emails about my repeating the media’s use of the word “depression,” I’ve opted to switch to the less “fear” triggering word “recession” in the subject line.