Thursday August 16th was a wild day in the stock market. It marked the culmination of almost a month’s worth of massive selling.
The Dow was down more than 300 points at one point before, miraculously and for no apparent reason, markets bottomed midday and started heading back higher. And they’ve been going up ever since.
And now, for no apparent reason, after being up more than 100 points, the Dow stopped on a dime and headed south.
And that day market a shift in sentiment. The Fed stepped in the next morning and lowered the discount window and fear and panic turned into hope and optimism and the market was off to the races.
One wonders whether today might mark a shift in from overwhelming optimism and a reintroduction of fear.
Does this then mark a top in the way August 16th market a bottom?
UPDATE (Thu 10/11, 1:20pm PST): Here’s the intraday chart for another wild day on Wall Street!