The extraordinary massacre on US equity markets continued Thursday with a 4% decline to levels not seen for 11 years. The Aussi market (above) declined 1.4% today. It is still inaccurate to call the current dip in the US the worst recession since the Great Depression - 1982 was worse - but the adjusted unemployment rate suggests things are getting close to that. The actual unemploment rate in the US is 8.1% with 651,000 Americans loosing their jobs in February.
Your faithful scribe got hammered (ignoring his own advice to others) over the last week or so with some premature stock market punts - his foolish bet that things could not get worse has gone south. The market is close to the levels of a decade ago and has halved since its peak in late 2007. There is no question it can go lower. Note the relatively gradual rise and the subsequent - near vertical-fall.
I must - cut back on the Bollinger. Bin 65 Chardonnay is underrated!