I'm running late this evening so I'm going straight to the charts:
NAMO and NYMO both reversed a bit today, with NAMO flipping back to a sell, while NYMO remained on a buy. This is actually healthy action after yesterday's rally as it's consistent with a bottom "possibly" forming.
NAHL and NYHL actually moved higher today, which I thought
08/10/11 With the help of an FOMC policy statement, yesterday was probably in the top 5 of the wildest days on I have ever witnessed on Wall Street. We saw a swing from down well over 200-points, to up well over 400 in just over an hour.
That was after the Dow lost a 240-point gain, falling over 450-points from the morning top to the afternoon low, before that wild last hour of trading.
With the kind of volatility we saw today, it's obvious that executing an IFT given market conditions prior to 1200 EST may not deliver the desired results by the close. That's not anything new, but this volatility is going to make it that much more challenging to exit the market should one wish to do so.
The market opened trading on the upside, and aside from a brief sell-off early on followed through in that direction for several hours.
Stocks plummeted yesterday as the crash continues. The damage has been so bad that chances are high for a large snap-back rally, but rolling the dice in this market obviously comes with high risk.
It wasn't pretty for the TSP funds. The C-fund lost 6.65% yesterday, the S-fund dropped 8.56%, the I-fund fell 6.72%, and the F-fund (bonds) gained 0.44% as investors looked for a place to put money.
The S&P 500 is already down to 1120, which
You have to go back to December 2008 to see this much carnage in one day. And it's not about the downgrade anymore. It's about the economic climate moving forward.
There's little reason to go into any kind of daily economic read. The charts will easily speak to that. But I will point out that the Volatility Index spiked 50% to 48.0. You have to go back to May of last year for that kind of reading. Gold surged 4% and looks to continue to