...BUT BEFORE
Internet service is in awful shape throughout this part of the fly-over zone at least, so that is why I've been experiencing such difficulty. I don't know whether this will make it out tonight so I'll save the good stuff til Monday.
World-wide equities were slaughtered today for all of the same reasons...and none of them. Today, even in the midst of August, the volume on all markets picket up which is an indicator that the gang is beginning to pay attention to what is going on and worst yet, the VIX, the index of volatility, doubled. They tell me this is a bad thing but my reaction is if every body's trying to get out the exit at the same time, what do you expect. An almost 500 point drop in the DOW isn't quite the end of the world but it sure isn't a happy thing at which to look. Nor can it be called a true portrait of the world's over-all economic condition; I don't know what to call it but the smart guys keep telling me that.
What troubles me the most is that I get the distinct impression in speaking with those still at their desks is that what has everyone worried is the Big Unknown. Things in the markets have gone to crap but so far, so far we have not heard of any major corporate losses. A lot of people are asking, "why not" in light of past experience. I am as well and I don't like Fridays because everybody waits for Friday to come out with bad news. If we do have an event this weekend in a perverse way it may be a good thing as it will release the pressure in the kettle. Let's hope not but there is a better than even chance at this stage that we are going to face something...if not now in the near future. We should also look for a gathering of the Wise Men from around the world. These days one doesn't have to hop on a plane to accomplish that (although they love to do that), one can simply do it by the Internet...unless of course you have service like me.
Have a nice weekend.
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