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Stock Market’s Massive Moves Not Seen Since Great Recession: Many who didn’t see the bubble bursting have fallen

Stock Market’s Massive Moves Not Seen Since Great Recession: Many who didn’t see the bubble bursting have fallen

Talk about the market busting a move … and a lot of people! In less than half a month, the Trump Rally lost a third of the height it had developed over a period of sixteen months — the worst two-week drop since February 2009. (The market’s moves are so extreme by many measures that the Great Recession is the closest touchstone one can find to assay the last two weeks of market action.)Most of the plummeting happened in two record-breaking 1,000-point plunges with the total fall taking all indices into the red for 2018. The remaining two-thirds of the Trump Rally remains at peril as the market probes downward to potentially test its 200-day moving average, with the Dow having readily broken through the 50-day and 100-day and now testing its 150-day average:

A break through the 200-day moving average would likely trigger an even larger sell-off as the last major technical support gives way. To give some perspective on the cliff we just leaped off of, look at every move from the cliff-dive into the Great Recession to the present:

Ah, a picture’s worth a thousand words. That’s the plunge so far, but one of the things I said would make the difference between a normal correction of top-heavy prices and an all-out crash would be how much momentum the downdraft developed — enough momentum and the dive will be hard to stop. Well, this just in:

That’s “ever!” Not just worst since we crashed into the Great Recession (which we are still in, as far as I’m concerned, as we have merely existed propped up on life support while all flaws of the Great Recession remained). Clearly, this fall is already equal in steepness and depth to the worst the Great Recession had to offer and greater than any drop since.

…click on the above link to read the rest of the article…

 

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