A massive selloff in stocks Thursday rekindled fears of a global downturn, with the Dow suffering its biggest two-day drop in almost three years. Oil and gold fell sharply as money flooded into the safe haven of Treasurys, despite their miniscule yields. Financial stocks were gutted, and all of the major stock indices fell by more than 3%. The Dow closed with a loss of 390 at 10734.
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Money went into long term treasuries, because the Fed is going to buy them at higher prices to drive yields down. These treasury holders will see nice, risk-free profits and move right back into battered assets at lower prices.
ReplyDeleteI cleaned up by buying EDZ yesterday, before the market closed.
ReplyDeleteIT went up 20% over the course of the day ...
i saw the writing on the wall right after 9/11 cashed out and bought gold at 450 and sold last month at 1800
ReplyDeletenow I wonder what the cash is really worth
whats left after buying two for- closures