|DJIA Down 4.31% on Thursday|
Wow. What a day. I was only able to check in a few times but it was relentless.
Is this just another Flash Crash or head fake? Or are we finally starting the big Wave 3 down that will kick off many of the negative mood events we've puzzled over here at FutureJacked for the last several years? Time will tell, but the edifice looks rotten, Europe is ailing and this dull haze of delusional optimism that has hung over the markets for the last few years may be breaking up:
By John Carney, Senior Editor, CNBC.com
Mutual funds and financial institutions may be so concerned about the direction of financial markets that they are willing to pay to stay on the sidelines.
Ordinarily, banks pay interest on cash deposits. But Bank of New York Mellon, the largest custodial bank in the U.S., announced that it would start charging customers with balances over $50 million. This indicates that the short-term demand for cash is extremely high. Which, in turn, implies that demand for almost every other kind of longer-term investment assets is extremely low...
Not much else to say at the moment, but today could be significant.