…. and what a day to remember. Sadly I did not spend the day having fun but instead I layed on the sofa watching financial news having been hit by a nasty flu bug. My earlier promise of a longer piece just will not happen but I will offer a few comments.
– The price action in equities today was wild. Up, down, up, close on the down. Not good. The markets should have reacted positively today as what occurred in the early hours was truly remarkable in terms of the global central banks offering a coordinated action. I guess trading overseas during the night was beyond horrible, which is the bad news.
– The equity markets are extremely oversold according to a friend who has watched this forever. That being said, the fundamentals ( earnings ) are heading no where but down. Has the market priced all the bad news in? In some sectors yes, others no.
Kids are home to celebrate so I am logging off!