Thursday, May 6, 2010

There's Something Out There And It Ain't No Man...'s a Bear, a civilization-ripping grizzly and he just announced his presence with authority.

image courtesy Bloomberg

Yes, the rebound was swift and decisive-looking, but the damage has been done. "Investors" know that the abyss can open up beneath them at any time. I'm sure that is doing wonders for their psyches.

As a wise man once said:

Billy: I'm scared Poncho.
Poncho: Bullshit. You ain't afraid of no man.
Billy: There's something out there waiting for us, and it ain't no man. We're all gonna die.

UPDATE: Looks like a fat-fingered trade got tangled up with an algo gone bad and gave us the worst of this downdraft. This should make you more nervous, not less. When people get upset and anxious these things will happen with more frequency. Enjoy. Best guess - HFT will be blamed, much like program trading did in 1987, for the upcoming debacle.

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