Our Awful Situation
The Market Now: A ‘Violent’ Quest For Bottom
Remember what we said earlier about the Dow hitting 10,556? Time to run for the hills:
Unpredictable days like Monday, when the indexes moved from positive to negative at will and with little notice, are likely to become the norm as Wall Street searches for a market bottom and a recovery that could be months down the road.
“We’re getting news every 5 or 10 minutes that seems to change the psychological positions of the traders. That’s what’s really making this market turn,” says Michael Kresh, president of M.D. Kresh Financial Advisors in Islandia, N.Y. “Frightened money is jumping all over the place, and as long as that happens we’re going to get these whipsaw days.”
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