Remember early last week: The market crashed below a “key” level of support, as the S&P plunged below a level that had been bounced off several times.
Everyone panicked and felt that it was 2008 all over again.
In fact, everyone was sending around a chart about how after Monday’s plunge, stocks were at EXACTLY the same level as they were on the same date as 2008.
Anyway, fast forward, and we’re up over 11% since then.
That huge level that we crashed beneath turned out to be totally meaningless.