Are you going to sleep well tonight?
Click download link to listen on this device: Download Show
To quote Jack Nickelson, what as The Joker he said the following.
We don’t know if an enema is going to actually happen, but something certainly will much sooner rather than later!
FTSE has dropped over 5% since Monday.
Yep, mining stocks on nthe FTSE took a beating – Glencore, Rio, BHP, S32, etc, etc.
Agreed. Base metal and commodity conglomerates got smashed further down:
Companies featured:
Teck Resources, Vale, BHP Billiton, Rio Tinto, Freeport-McMoran, Glencore Xstrata, First Quantum, Turquoise Hill, Antofagasta, and Anglo American PLC.
http://stockcharts.com/freecharts/perf.php?TCK,VALE,BHP,RIO,FCX,GLCNF,FM.TO,TRQ,ANTO.L,AAUKY#
Here is chart covering some of the Mid-tier and a few smaller Commodity Conglomerates:
Companies featured:
Teck, Exxaro, Hudbay, Jiangxi, Vedanta, Lundin, Kaz, Mitsui, OZ, and Capstone
http://stockcharts.com/freecharts/perf.php?TCK,EXXAY,HBM,JIXAY,VEDL,LUNMF,KAZ.L,MITSY,OZMLF,CS.TO#
Many thanks for getting on a different subject Shad.
I am looking for probably at least 20% due to very possibly another 10% fallout.
Looks like Rick was right that we were headed for an August sell-off.
He has been waiting for a day just like today for a couple years already. If he did not make a killing today I am going to be seriously disappointed. I am betting he did very well though which would explain his absence. Probably didn’t have time to pick up the phone when Al called!
Maybe but I don’t think so.
Another 10% and I will do pretty well also. Don’t want to wish others bad luck but we are due!
Expect a massive attempt by the PPT to boost the market first thing Monday morning, which will fail.
You mean by buying back all their short positions…….
I imagine, as Chris suggested, sometime on Sunday someone from the Fed will make some reference to IR hikes possibly being off the table in September.
No, Bob – more likely China will announce further easing. Not sure we get anything substantive from the Fed before Fischer’s speech in Jackson, WY a week from tomorrow
I am surprised China will listen to US. Maybe.
That has nothing to do with listening to the US. They are trying to keep their own house of cards from imploding and getting totally out of their control.
I suppose the big worry in China now is that their people will look at the US close tonight, panic on Monday morning in Shanghai/Hong Kong and begin dumping at a faster rate.
Could be, Bob — Private investors are pulling money out of Chinese stocks as fast as the government is dumping it in, At times, faster. If China comes out with a true “shock and awe” – type stimulus, it could arrest this for a while. But it sure appears in China – and now, here – that investors don’t want to buy the dips any longer, and just want out. This “enema” will be fun to watch!
LOL 🙂
Good thoughts Mr. T. Crazy times.
Hello Chris,
For a sec, I thought you were referring to this Jackson 🙂
https://www.youtube.com/watch?v=HGhCsznO0S8
Best to you,
LPG
Many thanks for your input here, Chris!
Really doesn’t make sense to me, Bob.
We shall see, Professor.
By the way, why do you think that it will fail?
Excellent commentaries today and yesterday guys – thanks for sharing your expertise.
They are a group of very decent and very bright individuals. We are very lucky to call them our friends!
Yes, Thanks Big Al. They are an excellent panel of deep thinkers and bright individuals.
It’s interesting. Gary sees a bubble phase coming in the general stock market.
Someone like Tim ‘Cyclesman’ Wood would say that this 2009-2015 market is a bear market rally in character that just happened to go to new highs, as he said was the 2003-2007 rally. He would say the bubble phase was 1999-2000.
I can’t make up my mind and figure whether the bubble phase was way back in 1999-2000 and the Fed has pushed the bounces higher by fighting the deflation of the bubble twice already. I like Doc’s point that a lot of people can’t afford to buy stocks as they could in 1999. Too many unemployed and too much debt overhang. Remember the real estate market is not generally at new highs. As Chris says in this piece “People are satiated” (with credit).
It’s gonna be interesting all right Al.
I just thought of something: in the 2000-2002 bear market there was the crash in 2000 and then a large decline into March/April 2001. In late August 2001, I saw the market starting to pick up momentum to the downside. (it was 28 August 2001 I think). This continued and on 11 September 2011, I turned on my AOL internet connection fully expecting that a market crash was going to happen that day. I turned it on just before 2 pm UK time which was just before 9 am NY time and the first thing I saw was a little thumbnail picture of a smoking WTC tower. Somehow that changed everything as they say – but even so, when you look back at that chart, a stock crash was coming anyway.
I feel now a little like I did in March or September 2001 expecting the market to tank in a major way. Although somehow, there seems to be a little too much crash talk already. That might mean talk of the end of the world is premature.
Even so, I think there will come a point at which sentiment really falls apart and confidence in the money masters falls apart. We never quite got there yet. That means that at some point, downside will be practically unlimited, regardless of sentiment.
Personally I don’t really lean towards Gary’s view of an upcoming bubble phase because the deflation is taking the desire to speculate out of the markets. In other words, it may be all over and may have actually been set in motion way back in March 2000 when the Nasdaq crashed.
In the UK house prices are crazy – huge ramping of house prices partly due to Chinese and Russians pumping money into hard UK assets to shelter their cash and partly because Brits, finding themselves priced out by the Chinese and Russians, are also bidding up prices higher and higher.
As a result few Brits I know have spare cash to go into stocks.
Also Bob, in the UK the stock market hasn’t been so hot since the 2000 crash. Basically, the FTSE has never been able not in the 2003-2007 or 2009-2015 rallies to hold over the 2000 highs which were about 7000 on the FTSE 100.
The US markets broke free ages ago from previous highs and broke out in the German DAX a few months ago. The FTSE (and NASDAQ) never broke out. I was waiting to see if they would and confirm a genuine bull market. Gary could be right that there could be a big pullback and then a bubble phase – but somehow I feel that we are at the end of a long consolidation and rescue attempt already and the bubble was way back in 1999-2000.
Yep, I have made the mistake of having money in the FTSE whereas the US markets have the bigger growth gains.
I think Gary is right about the bubble yet to come. I am not so sure about the crash, before the bubble, being in Octoberish though. I think it could be happening now. We will just have to wait and see.
I have until December 1st to wait for my short to work!
Good discussion Bob UK and Silverbug Dave. Interesting FTSE and Bubble thoughts.
Very possible Dave. And, I am not being overly simplistic here. The pieces are in place and would do their jobs if the “inviolable hand” were allowed to exist.
Kind of like what is happening in Vancouver,BC with the Asian demand.
Tim Wood will be proven correct. After the Dow made a secular top in 1966, it managed to make a nominal higher high in late 1972 but that was still just a bear market rally or, stated another way, a cyclical bull within a secular bear. By late 1974, the Dow had plunged to a new secular low well below the previous low in 1970.
History repeats and we are now probably in the first half 1973.
LONG WEEKEND WORRIERS ………will have a lot to think about…….
Yes, we certainly do Indiana!
I personally will be waiting anxiously for the Far East markets to open! How about you?
We are headed in the correct direction………fear not……………….INDY
Na. sleep tight everyone. We’re on the side of the angels!!
Yep……I am going to sleep great tonite…thank u very much!! YOU CANNOT print money nd EXPECT prosperity…do you guys honestly think….over 200 countries want to play our games……nope..QE 4 NEXT WEEK??
ME TOO………………………
concerning the zzzzzzzzzzzzzzzzzzzzzz.
Common man, WAKE UP as we need your continued input.
I am sitting at my computer after watching the Seahawks play the Chargers. Another ho-hum game. Why does anyone watch NFL pre-season?
Go Chargers Big Al..u love SAN DIEGO!!!
I rarely get more than 4 hours of sleep, but I feel pretty good about this last week and plan on having a relaxing weekend…..so yeah….I may just go to sleep and go for 6-7 hours. Nice……
GOOD way to die young………..sleep deprived……………………. OOTB
Today, I happen to be personally sleep deprived from last night. Here is the best advice I can possible give, “don’t ever get old!”
Wishful thinking………………think young…………………………….ootb
Keynes was an idealistic socialist cum communist, who was influenced by the rise of the Soviet Union and the post world war One depression. He died too soon to realize how insane his theories were, masked by the onset of WWII in 1939.
12million VN DONGS…….FOR $935 us………….
Please note: I am not saying there are not extreme times in which Governments should be allowed to deficit spend. I am saying that if a Government overtaxes, it be drag the economy down; and if it deficit spends indefinitely, it will collapse the economy.
This is not an extreme time in which a government should be allowed to overspend, because the whole global economy is overtaxed and the indebtedness appears that it will collapse much of the world economy.
I would surmise that the first to arise out of the ashes will actually be the emerging market economies.
Another thing: I heard some people saying there may be a good move down in the stock market, kind of 15-20% ish, some have even said only 10%. I think there are quite a lot of people coming in with that sort of point of view from mainstream sources.
In Liaquat Ahamed’s ‘Lords of Finance’ book, it has quotes from some of the analysts in 1929 that said the Dow would have a correction of 15-20%. In early 2000 I had a printout of a stocxks round table with Byron Wien and others where someone was saying the Nasdaq would probably have a 20% correction.
Now we are hearing the same stuff as then.
This is good for a laugh:
I just heard on CNBC: “If you are a long term investor you should absolutely be buying this.” David Seaburg. Long-term investors should be buying: Trader
Fri, 21 Aug ’15 | 9:09 PM GT. It’s Quite illuminating hee hee. One guy in that video says something interesting about the oil market, that Putin or some Saudi prince might be the only guys in the world who know where the bottom is in the oil market!
Seaburg mentions the lack of breadth in the market but he doesn’t say that this feature was a big indicator in 1929 and 1999!
ART CASHIN………….”EXPECT A BAD OUTCOME”…………kwn
PREPARE ……for a bad outcome………
Y
Printing money does not produce growth.
Printing money may appear to give growth on a temporary basis, but this is not real growth.
All markets, naturally grow, as populations grow , progress/inventions are made, more productive ways of doing things are achieved (such is the history of mankind).
Natural growth is only impeded by excessive taxation. , or depletion of resources.
For those who watch CNBC:
Ask yourself this question:
If a panelist thought there was going to be a stockmarket collapse, do you believe he would tell the public to sell everything?
So why do you watch CNBC?.
Well said CFS.
PROFESSOR- BINGO>>>SPOT ON!!!
I actually don’t Professor, I just get quick macro quotes from there.
The price action this week reminds me a lot of ’87. Others who are as old as I am, will remember the market peaked in August of ’87 and after an initial sell-off, traded in a range for a couple of months. The real break down began the week before Black Monday (with the decline on Friday particularly horrendous).
So will history repeat itself? Perhaps if the Chinese markets cooperate — so everyone will probably be glued to the action in the overseas markets on Sunday night.
The S & P 500 is quite a bit above the 200 week moving average. There is a lot of air below the current price level. Just to reach the 200 week average, the S & P would have to give back all of 2014 and would find itself at price levels from the middle of 2013.
Can you give back two years of performance in 2 weeks. Yes, you sometimes can. But whether it happens all at once or over time, I agree with both Gary and Jay that we’ve got much lower numbers in the broad market to look forward to.
Meantime, the most recent crash in the mining stocks seemed predicated on the belief that $1000 or less was in store for the physical gold market. To the extent that gold reclaims the $1200 area, the miners could have quite a move to the upside (even without the resumption of a bull trend). Rather, just unwinding the sub $1000 thesis.
Have a good weekend.
Thanks Eric, I personally agree with you.
The Great Depression in the US started before the 1929 stock market crash, the crash was a result of The Depression not the other way around. DT
Forced selling is triggered by margin calls which is what they will be desperate to stop on Monday.
Agree. The Feral Reserve has to try and pull a ‘Bullard’ again by jawboning about QE4. It’s all they’ve got left, and it did work to stop the October 2014 plunge in its tracks. The ‘market’ was on the verge of margin calls being triggered back then.
I remember vividly, Eric — still have my August, 1987 newsletter after all these years urging people to get out. The Dow at that point had spiked 50% or so already for the year.
The big comparison was, in ’87, even many usually liquid and big name stocks even went “no bid.” That’s around the corner now, if selling like this week’s keeps up. The big problem for the bulls right now is who is going to BUY what they want to sell? The entire market is one giant liquidity trap if this keeps up.
Mr. T. – Good thoughts on the coming liquidity trap.
For those with contacts at Kitco:
Why has their dollar index having problems. e.g. today it is currently at 94.80, which is correct, but the change is showing 0.00.
I understand that it had a software problem.
The irony about commodities may be that the prices may stabilize or stay the same under a declining dollar.
Inflation has not shown up because the US dollar is the reserve currency, and is considered “strong” by many non-americans.
It is difficult to do a full mathematical analysis, because so many countries have been using announced and hidden QE. But money printing always shows up as price inflation, sooner or later. Price increases are, of course, not uniformly distributed; bubbles are blown. However, crude estimations, based on US, China, Japan money creation alone would indicate at least a 40% rise in prices in the future, world-wide.
That’s built in.
@CFS… I remember watching Wall Street Week on the Friday night before the crash in ’87, and Martin Zweig used the crash word. But you are right that few are willing to ever climb out on that limb.
@Dick Tracy — you are right. Much in the same way that it takes the ‘authorities’ a long time to identify (rear view mirror style) that we were in a recession. In that regard, I think we are in a recession at this very moment, but even if I am right, it could take a long time for the data to demonstrate it.
Eric,
I think the Wall Street Week you are referring to is actually available on Youtube for those interested. I watched it about 3 months ago… That’s vintage material in my book.
Best to all, and GL investing/trading.
LPG
So very true, Eric!
Anyone have a thought on why AG and AU went in an opposite direction today?
On days like this of acute commodity weakness/economic worries, gold is viewed as money/safe haven, whereas silver is more likely to be lumped in with the industrial metals crowd.
+1 to Chris’ take on Ag/Au divergence.
LPG
I dont think so….SILVER WILL eventually tag alongwith gold big time…plus it only a INDUSTRIAL metal because the WEST thinks so..ah,the billions of people in the EAST also look upon silver as IND and monetary metal…
Agreed. In this kind of environment with economic uncertainty, crashing Asian markets, Europe in a funk, slow growth, and commodity weakness, it tends to favor gold more. Silver will eventually play catch up though once things plateau.
Captain: Bob Hoye has been saying for years that in a monetary crisis, gold gains value relative to silver. The ratio is a sort of barometer. The higher it gets, the worse the financial problem.
Hadn’t thought of that before. Thanks Robert!
Why is the mainstream news so pro-Islamic?
e.g. An Islamic terrorist opens fire today on an Amsterdam-Paris train with an AK 47, three wounded.
Reads in the media as unknown person opens fire.
Luckily he was overpowered by 2 US unarmed marines and another person.
Unfortunately the Moroccan terrorist was only roughed up, and did not receive a broken neck. The wimpy French do not any longer have a death penalty for terrorist acts. Ah, Mme La Guillotine!
It’s like when Jeremy Corbyn (the aspiring leader of our Labour Party) says he disapproves of the settlements he’s anti-Semite. Sheer humbug!
@ Chris Temple — well said, regarding the liquidity or lack thereof. When the real breakdown occurs, a lot of market darlings are going to find that there is no “depth” in their stock. Just a lot of trap doors.
@Dai Uy — my opinion for the divergence is that gold was acting like a monetary metal and exhibiting its safe haven status, while silver was acting like an industrial metal and selling off in the same way oil was (fear regarding a global recession).
Ditto
Eric, you nailed it when times get real tough and we have been in that situation for a while despite the government statistics, the Asians are paralyzed and they only want gold in a real crisis. DT
Dai :
I don’t have your answer, but the gold, silver ratio jumped from 72.96 on Monday the 17th to 75.30 on Tuesday the 18th.
The plunge protection team was created after 1987, so it will be interesting to see if they can impede the crash.
Communication is much faster now, so they have a serious problem.
Again a valuable comment, Professor!
I was just reading up on Black Monday in 1987 – started off in Hong Kong and spread around the world as the sun rose. First went Asia, then Europe and then North America. It became a Black Tuesday in Oz and NZ.
22.61% fall on the DJIA.
According to wikipedia:
‘By the end of October, stock markets in Hong Kong, Australia, Spain, the United Kingdom, the United States and Canada had fallen 45.5%, 41.8%, 31%, 26.45%, 22.68% and 22.5% respectively. New Zealand’s market was hit especially hard, falling about 60% from its 1987 peak, and taking several years to recover.’
Who could sleep well with all the excitement going on at least for the participants in the financial markets on both sides of the fence.
Not sure, Mr. Tracy!
Fear not………….
Ditto!
🙂
The first metal to be used as currency was silver over 4,000 years ago.
Wikipedia:
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. The silver specie standard was widespread from the fall of the Byzantine Empire until the 19th century. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosi, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins played the role of an international trading currency for nearly four hundred years.
Sounds familiar:
The use of silver as money was very established at the time of the Ming Dynasty (1368–1644). Paper money was first issued in 1375 by the founder Hongwu Emperor amid the ban of silver as medium of exchange. But due to the increasing depreciation, the paper money became basically worthless and the ban on silver usage was finally lifted in 1436…..
If you think that is amazing go have a look at when the first sewing needle was believed to have been invented – and why it is considered the greatest human invention.
Night from the UK.
I looked Bob. Yeah, that is amazing and I had not heard it before. 17,,000 years ago makes needles pretty much one of the first major advances in technology for us humans. And they were no doubt used as money then even as the North American Indians were trading in stone tools, skins, colored earth pigments and sea shells. Silver coinage looks pretty modern compared to how they were living. Its kind of interesting too that the natives of Canada and the US were not even at the level of smelting basic ores at the time of their discovery nor did they yet have the wheel. They were truly a prehistoric stone age culture working with the most rudimentary of bone, stone, twine and leather tools. So maybe being a Seamstress is really the worlds oldest occupation.
SILVER is gold on steroids…….eventually…it will go up and outperformGOLDwhen it is said and done
The US stock market has lost about $1.4 Trillion this week.
A few weeks could add up to serious money! And we don’t have serious money, with all the printing.
The fiscal operating debt is greater than the annual economy of the US.
Unfunded commitments are more than 10 times the annual US economy.
AND the scum in Washington are adding to the commitments, giving handouts to illegals, talking up war with Russia. Why do we allow this? Any of this utter stupidity.
Our founding fathers warned us about uncontrollable government and debt……
You should have attended our normal Friday afternoon Discussion Group today!
I’m an insomniac so I never sleep well and it wears me out.
Dow down 531. Nasdaq down 171. S&P 500 shed 1.1 trillion in market cap this week.
Coming to the U.S. soon……
Alas, via the open southern border.
more about the unconvicted felon:
http://www.reuters.com/article/2015/07/24/us-usa-election-clinton-emails-idUSKCN0PY0DH20150724
I don’t know anyone up in our neck of the woods (conservatives or liberals) who support Hillary.
Where’s the Federal Grand Jury?
Where is the Special Prosecutor?
Again Professor, read “Unlimited Access”!
Two snips from the “Fool”;
“In the past four years the stock market has corrected by 5% or more seven times. On each occasion there was pissing and moaning in the steerage section of this blog. And every time this marked an attractive point to enter the market, which continued to advance. The pullback now is exactly in line with the average of all the others. So, draw your own conclusions. I’m not going to spoon fed it.”
“But, don’t sweat it. This is not the prelude to a deflating world. Your investments will not disappear. Nothing has changed to derail the US, even as Canada continues to limp along.”
The Dow is down 10%+ from its high and is technically unlike all the other pullbacks. I don’t know what that guy is looking at.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=5&mn=0&dy=0&id=p95489531168&a=421507197
Great point on the breaking below the 50 day moving average, and that trend line.
correction: 50 week moving average
I don’t know; he prolly has an app for that – and a juicy ex-politician’s pension, so he doesn’t care.
I like this from the comments:
“Gotta admire your optimism boss…You’re gonna go through a lot of lipstick the next few months…
“Never been in gold but do you figure there’s a time one should pick up a few ounces……just for the halibut?”
Funny 🙂
Or he has a bunch of condos he is trying to sell……………..
If you are referring to me, only one.
condos are like arces ……you only need one………… 🙂
We live in a great one that is very convenient. 2200 square feet and on the 16th fairway. We absolutely love it. The price was also right when we purchased it.
Living on a golf course is as good as living on the ocean and water….jmho
It is nice Indiana, but it is not the water.
I know, that is why I like Florida and Charleston SC….
The water!
The water…. like ocean……….
That’s interesting, I assumed that you meant the Okefenokee Swamp.
I think Garth is going to be wrong this time if he is suggesting this is a garden variety decline. Maybe he missed that part about half the worlds major indices all being in decline together, entering bear markets or outright crashing. But then again his idea of a good year is posting a 7% or 8% annual returns. What the hell? Shad just pulled off a 40% single day gain in under a few hours tops if I am not mistaken.
And speaking of being on the wrong side of an investment philosophy….Garth has been telling us all about the Great Canadian housing bust (it’s imminent!) since 2006. I am not there in Canada Irwin….but has it yet arrived?
I’m kicking myself for not choosing to buy SQQQ
I actually had SQQQ and got stopped out right before the free-fall. Sigh.
The problem with his theory is that the industrial sector is NOT limited in size, because there are always new inventions and ideas. The drag caused by overtaxation impacts research and development the most, because these have the longest term effects and pay-back. That is one of the problems of government consuming too much.
Prof. Zeleny’s model, like so many models, is insufficient.
Just as the Global temperature model is insufficient.
https://youtu.be/wwQfDhohsA4?t=225
You really need to watch this, folks.
I kind of realize that from first hand experience.
Gold priced in oil just might be putting in a double top -for now, anyway.
http://stockcharts.com/h-sc/ui?s=$GOLD:$WTIC&p=D&yr=3&mn=0&dy=11&id=p09397504571&a=401460858&listNum=1
Gold just might have bottomed versus the 30 year T-bond.
http://stockcharts.com/h-sc/ui?s=$GOLD:$USB&p=M&yr=15&mn=11&dy=30&id=p41613674981&a=371809762&listNum=1
We’re used to looking at the Dow-gold ratio but I like the perspective provided by turning that around. Here’s a 20 year monthly chart of gold-Dow:
http://stockcharts.com/h-sc/ui?s=$GOLD:$INDU&p=M&yr=20&mn=11&dy=30&id=p65845226627&a=386301182&listNum=1
This is very positive looking to me.
Same chart, different lines:
http://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24INDU&p=M&yr=20&mn=11&dy=30&id=p70610832534&a=421517493
Silver-Dow picked a logical place for not just A low but THE low:
http://stockcharts.com/h-sc/ui?s=%24SILVER%3A%24INDU&p=M&yr=20&mn=11&dy=30&id=p26511457977&a=421516892
Sorry non subscribers, it’s another monthly chart.
Keep the market wraps coming…obviously a huge success…Gary your 1550 prediction for this fall helped cause me to go short and make 4 figures today 🙂 I think I’m going to try your service!
You got a deal, Mr. Proud Canuck!
Again The Great, we do have freedom of speech in this country.
Ziomists are not true Jews James. How many times will it take for you to get that? Your issues with BM are more those of you failing to come to terms with YOURSELF.
Andrew, “Zionists are not true Jews”
Ok – here’s you’re chance. explain that bizarre statement to me …
Too bad you don’t consider ignorance “bizarre.”
https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcQUH1gtIq9350sFfgCh_uZzIu7vySdScQ1NnIXt9pEIUdwOllKrPw
Just one clip for you James, A
thanks for the post………….Matthew and A…………
PLEASE FOLKS NO MORE OF THESE TYPES OF COMMENTS REGARDING ISRAEL, ARABS, ETC.
OUR SITE IS GETTING RUINED AND THERE WILL BE NO MORE OF THIS.
Not directed at you Frank
🙂
Al, yes we have freedom of speech in this country.
Unless you are a Christian like Heavy Hitter
You can’t have it both ways
I agree with your comment re HH James. However when people become absolutely offensive their posts deserve to get deleted. Al may not have been entirely consistent on that score.
Am now deleating them all, Reverend.
This has to stop!
Not true James about your implication re: Heavy.
He got a little out of hand as some are now getting. These type of comments will all be removed.
We have to keep this somewhat sensible and non offensive.
I think if BM wants to to make comments about Isreal killing babies then people need to respond to that sort of hate speech.
I already have Mr. Pittsburgh.
DOW 18351 to DOW 16460 is a 10.30% drop.
How often do we get 10% drops? Just something to think about.