Monday’s precipitous decline probably won’t be the last of the ongoing market meltdown, Wall Street seems to be saying. One big reason for that sentiment was Monday’s trading volume: 9,713,476,005 shares changed hands during the session, the most in a day all year. And high volume generally means that the current trend — massive selling, in this case — will continue.
Another informal indicator? The rhetoric that traders — never a reticent group — were using to describe the market seemed to likely to trigger even more anxiety among investors on Tuesday. In an hour’s worth of news reports and conversations with money managers and traders, I heard explosion of volatility, haywire, emotional, financial massacre, risky environment, and uncharted territory. Irony of ironies, scared investors are pouring cash into U.S. government debt – the very target of the Friday’s S&P downgrade. But that’s the point, Wall Street money managers say: The beating the market absorbed today isn’t really about the downgrade. It goes much deeper than that.
Source: Time
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Posted by D4L | Tuesday, August 09, 2011 | ArticleLinks | 0 comments »________________________________________________________________
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