WASHINGTON, Aug. 24, 2015 – As we predicted earlier this morning, the Dow Jones Industrials took a tremendous hit at the opening bell, with the DJI down over 1,000 points in the opening bloodbath. Currently, at 10 a.m. EDT, the Dow is fluctuating wildly between roughly -525 and -725 points. Trading in many stocks has been halted as circuit breakers were hit.
Carnage was just as bad or worse on the broader-based S&P 500, which is currently down a massive 64 points and change. The NASDAQ, consisting of many smaller companies, techs and biotechs, has been blasted nearly back to where it was in the October 2014 market collapse, currently off 174 points.
Oil isn’t helping markets this morning, either. West Texas Intermediate (WTI) is down a painful $2.03 bbl. this morning, substantially lower than it fell during its drop earlier in the year and leading to even more questions as to why the price at the pump has not already fallen below $2 per gallon in most of the U.S. Refinery outages are allegedly the culprit, but we suspect that corporate greed is the real invisible hand behind the failure of pump prices to drop.
But anomalies also exist today. Natural gas is up slightly this morning, defying the general, sustained decline in nearly all commodity prices. Gold was briefly off this morning as well, although gold futures are now up $4.30 at 1163.90. At least for the moment, gold seems to be returning to its traditional role as a hedge against disaster, after at least a year’s worth of obvious manipulation downward by hands that have not yet shown themselves.
We’ll be back with updates today as needed.
See our earlier article. We’re all on our own today. Some stocks are halted. But generally, if traders want or need to get out of a market like this, it’s best to wait for at least some stability. Those who stampeded out during this morning’s rush for the exits may regret it, even later in the day.
That said, we’re in bear market territory that likely established itself late last week. So caution and cash are now the way to play. Buying on dips may no longer be rewarding, at least near term.
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