We're using 1998 as our template but in the end this is just chatter, the rule yesterday was "He who panics first, panics best".
Some of your best-known stock-market talking heads have decided this morning that the 2011 market crash, and let’s just go ahead and call it that, feels a lot more like 1987 than 2008.Being old I always assume it is my right to give history lessons:
The ubiquitous Doug Kass of Seabreeze Partners Management, in a note this morning, writes:
In an early-morning email exchange with Jim “El Capitan” Cramer, Jim reminded me that the price behavior of the U.S. stock market over the past week most resembles the October 1987 crash, a period of incomprehensible and unpredictable price action that did not necessarily reflect the economic fundamentals.And for all we know, based on the magnitude of the price drop in the last week, we might have already fully experienced 2011′s version of the October 1987 crash. My guess — and I think Jim might agree to some degree — is that most of the downside could already be behind us.What about the comparison to 2008?...MORE