No Rebound Yet From Yesterday's Slump
Yesterday, the Dow finished down 733 points. So far today, the sell-off -- after a mild blip up at the opening bell -- continues in the opening moments of trading.
The Dow was trading in negative territory, down in the 50-to-90-point range in the first 10 minutes of trading but has now edged into positive territory. The battered tech stocks, trading in the Nasdaq, have made a bit of an opening-bell recovery.
In some ways, traders can welcome what passes as consistency from day to day -- the past several days of trading have led us to expect a 300-point surge after yesterday's big sell-off. The fact that the Dow is hovering around even is almost a relief.
It seems every little bit of news -- whatever it is -- sends the markets into a wild whipsaw. This morning, the market futures were trading up prior to opening, seemingly in response to the news that job claims for September weren't quite as bad as people thought they would be. Oh, they're still bad enough to be in recession levels, but these days, that passes as good news.
There is so much velocity on trading these days that there is no telling where the bottom is or if there's a bottom.
Today, as you may have noticed, we've launched the Economy Watch page to track everything happening in the economy. The breaking news updates you've been reading in this space for the past month continue right here, under the name The Ticker. Please pay no attention to the picture of that guy at the top of the page.
Take a moment to look around the page.
You'll see links to the stories in today's Washington Post, multimedia offerings, a list of the other blogs covering the economy, a smart primer on the crisis, which we've cunningly called "Crisis 101;" helpful answers to your personal finance questions, a chance for you to participate in the discussion by sending in your stories and, my personal favorite, audio of FDR's fireside chats during the previous Great Crisis.
Take a listen to these. They run only three or four minutes long and the comparison to today's situation -- he talks about bank crises and hoarding -- is eerie.
As always, hang on.
-- Frank Ahrens
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