>Back to the 20th Century

>This chart from the WSJ says it all in summarizing the state of the stock market and the record lows breached today. The Dow Jones industrial average finished more than 360 points lower, dropping below the 10,000 mark for the first time in five years, and to levels first reached in 1999. However, the good news, relatively speaking, is that the Dow finished well above intraday lows (800 points or about 8 percent) on speculation that central banks around the world are poised to take action by cutting rates. I imagine there was also some covering action and speculative positioning involved in the minor recovery.

Its days like this (or a series on days in this case) that makes one want to sell everything and just hold on to some good ol’ cash. Even bullish market pundits like Jim Cramer are saying to sell everything as he sees no recovery in the next few years. Ouch. I keep repeating the mantra…long term investor, long term investor…. but for some reason this brings me little solace.

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