The Stock Market tumbled Thursday as the Dow dropped over 250 points and the S&P 500 fell back into the negative territory for the year; losing more than 28 points, or over 1.38%.
So it is often at this point that I am asked:
“How low do you think the stock market will go”?
My answer is the same as it has been for years.
I don’t know … and I don’t care.
My bias on market direction will last until I see some sort of indication that this down-trend is becoming exhausted. All I know, is that today, in the here-and-now … I am not seeing any indication or reason to be long stocks at the moment on a short-term basis.
Let ’em fall …