No, I am not over reacting! The DJIA dropped another 591 points today to finish at 8,610.
Many were surprised when the market dipped below the psychological 10,000 point mark two days ago, but today’s drop was scarey. What many thought was going to be an up day based on early reads of foreign exchanges ended up being a huge disappointment. At 10:00 the market emptied and prices plummeted. As the day continued there seemed to be nothing to hold it up. We have not reached bottom yet and the “cross your fingers” bailout seems to be $700 billion for nothing. Do we really need more convincing that every sitting member of Congress (both houses) needs to be replaced?
The DJIA is now off 40% from its high over the last year. Does anyone in his/her right mind believe that McCain or Obama can fix this mess? I have no faith in either of them.