Midday Notes!

Have you ever been so happy for the Dow to be down over 400 and Nasdaq down120 points?

At the lows this morning, the Dow was down 16% from recent highs and the Nasdaq almost 18%. On top of that, in just days, the Dow had dropped about 2000 points. Those percentages fulfill our 15-20% number….FOR NOW! Those numbers should take months to hit…instead, it took days. It is quite normal to have vicious bounces after such a drop.

On top of that, when we told you this morning we thought you would see hundreds of points in a matter of minutes, little did we know. Holy heck!

Lastly, a lot of the open this morning did remind us of a somewhat distorted open in where prices opened at ridiculously exaggerated levels from the norm…especially on the Nasdaq-types as market makers backed way away from any bids…just in case, to cover their arse. The Nasdaq, amazingly, is almost 300 points off
this morning’s lows. That is a year’s move. This action has left huge tails midday. Hopefully, it sticks and we hold for now but it’s early in the day. If we can finish midpoint of the day or better, we will take it as good news. If we can do better than that, we can call it A strong low. But not necessarily THE low.

Just keep in mind, these are just shorter-term thoughts to keep you abreast of the nonsense. That is the trees. The forest is the massive top and breakdown in world markets that we are experiencing at this juncture. We are in hopes this can be another ” 1998 Asian Contagion” but are not smart enough to know just yet. More to come!