That's the headline at FT Alphaville over this succinct post:
Brevity is en vogue today. From Tech Trader Daily:
The rally ends:
Dow 8,577.91 -733.08 (-7.87%)
Nasdaq 1,628.33 -150.68 (-8.47%)
S&P 500 907.84 -90.17 (-9.03%)
Doesn’t Monday feel long time ago?
Easy Come, Easy Go: Monday’s Gains Now Totally Erased
Easy come, easy go.
Friday’s Close on the Nasdaq Composite: 1,649.51
Monday’s close, after the big rally: 1,844.25
Tuesday’s close, as rally reverses: 1,779.01
And from Bespoke Investment Group:
Another Day, Another Crash
...It's unbelievable, but 2008 is now on par with the worst years of the Great Depression for equities.
In another posting they give a pretty fair description of a bear market:
...That's what bear markets do to investors. They knock you down to the depths of despair, let you claw your way back until you're barely standing again, then take a club to your knees and knock you right back down again....From Business Sheet:
WALL STREET CRASH RESUMES
Go here for terse commentary.
From naked capitalism:
...However, we had pointed to this chart earlier from Paul Kedrosky (without previously reproducing it in this blog). Most readers and investors have seen the recent equity markets as representing reasonable value, forgetting that Alan Greenspan made his famous "irrational exuberance" remark in 1996, and that one can make a case that thanks to low interest rates (due to Greenspan failing to allow for the impact of cheap imports on prices in his interest rate policies) that equity prices were distorted for more than a decade. Thus what me may be getting is a nasty combo plate: a reversion of valuations to historic norms when fundmentals are taking a dive:Finally, from MarketBeat:
The Wall Street Journal gives an overview of the carnage (even that word is becoming commonplace):...MORE
Four at Four: The Vortex of Selling
The two-day respite has ended. After a soaring rally to open the week and a middling Tuesday that at least didn’t turn into a rout, the markets barfed out another horrific session Wednesday, culminating in another one of those late-day swoons that left major indexes not far from their closing levels Friday....MUCH MORE