A rough week indeed, with the US equity markets opening this morning with the SP futures down limits. We thought there might be a plunge to retest the lows, and set up a rebound rally, but that was not to be the case.
Is this the first weekend in some time we will not be waiting on some Fed and Treasury action on Sunday night before the Asian markets open? Seems like it. Treasury said they might start buying chunks of insurance companies and other financial firms. That failed to buoy the markets, but as they say, it could have been worse.
Do you remember when watching the market was 'like watching paint dry on a house' intraday? Now it feels like we're watching a tornado rip that house apart every day.
It looke like we'll be retesting the lows, perhaps next week, and continue to bleed on the downside, perhaps another ten percent or so until the market reaches value.
Try to pay the good things you receive forward, payez au suivant, which are the terms of this house. It is ironic indeed but well known that the help that those in need receive so often comes from those who have suffered themselves, and realize that it is by the grace and mercy of God that we are blessed. To learn to love we must first yearn to be comforted.
Have a pleasant weekend.
