The stock market has already had a crazy day on Wednesday.
Minutes after the market open, the Dow fell as much as 385 points while the S&P 500 and Nasdaq were both down more than 2%.
But the craziest move came in US Treasury bonds, with the 10-year falling to 1.86% and the 30-year falling to 2.67%.
Near 10:30 am ET, the Dow was down 150 points, the S&P 500 was down 16 points, and the Nasdaq was down 33 points.
In the stock market, people are always looking to find ways to measure market sentiment. One classic contrarian indicator is when folks who normally don’t talk about finance start talking about finance. For example, consider the taxi driver who quotes the Dow or the barber who says he’s worried about his pension.
These types of anecdotes are considered signs of panic and capitulation. In other words, this is a good time to buy.
Just after 9:45 am, I got a couple text messages in a GroupMe chat, which I typically use for making after-work plans and trash-talking about fantasy football, that almost perfectly bottom-ticked the day’s action.
Here’s the intraday chart of the Dow on Wednesday, with my friends’ texts almost perfectly bottom-ticking the market.
There are still more than five hours of trading left in the US market.
Should be fun.
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