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DOW Drops 300+ Pts
The stock market took the biggest hit today since February, with 95% of all stocks affected.
Many people (including myself) believe the stock market has been grossly over-valued for a couple of years now. It actually passed the mark into the 17,000 points category! Crazy…
Now, concerns around the world plus expectations of the Fed raising interest rates is reining in the over-optimism. I'm not sure how long this trend will continue. Lately, it seems like every serious dip in the market is followed by another glut as people try to cash in on “bargains” to sell later, so maybe we'll see just today or just a few days of it.
Of course I've been saying that we're due for the next major crash for some time now… the pressures of “Extend & Pretend” have been building. The most likely time for market crashes seems to be late September through early December, and then traditionally things stabilize for most of the next year. Summers rarely see much in the way of crashes– maybe because psychologically, everyone feels more optimistic in general or are not paying too much attention what with vacations and such.
This autumn is going to be a risky time, and a part of me is glad we couldn't buy White Gables. The price right now for the property is too damn high, and we KNOW another price crash is coming and would prefer to buy at a lower price, even if interest rates are a little higher. (They really can't raise them much now because the whole economy is utterly dependent upon artificially deflated interest– indeed, we would crash right away under a more normal system.)
Stay tuned..!
Source: http://lucretiasheart.livejournal.com/1057005.html
