Oof

Which is a lot bigger percentage move than it would have been two weeks ago (7%). And what’s with these end-of-day market crashes, anyway?

Ritholtz thinks there’s some sort of technical floor at 8750. He says if we crash through that it’s next stop 2002 low (7250). As we recall, some at the time thought the Dow should have fallen much farther than that, so we’re not asking Barry what the next support level is.

Goldman reminds us that:

  • Stocks do eventually recover after financial collapses
  • The S&P 500 is finally undervalued
  • Crappy 10-year periods are usually followed by bang-up 10-year periods

Nouriel’s headed to the IMF meeting in Washington this weekend to scare the crap out of the world’s finance and central bank leaders. He and the Economist think we’re only a few weeks away from global financial catastrophe.

In other news:

  • AIG has cancelled all taxpayer-funded boondoggles.
  • The market decline is driving us nuts.
  • Morgan Stanley’s calming phone calls to clients apparently didn’t work.
  • General Motors falls off cliff, explodes

See Also: Dow Crushed

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