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“Panic-like selling” grips Wall Street as the economic numbers point to “a lot of unpleasant things that nobody wants to admit” – Michael Snyder
Fear is spreading like wildfire on Wall Street, and on Friday we witnessed yet another wave of panic selling. The Dow Jones Industrial Average fell another 559 points, closing at 24,389. Previously I had warned that once we solidly broke through 25,000 that it could trigger an avalanche of panic selling, and that is precisely what has happened. The Dow is now down more than 9 percent from the peak in early October, but the S&P 500 is doing even worse. The S&P 500 is now down 10.2 percent from the September peak, and that means that it is officially in correction territory. It has now been two solid months, and the sell-off on Wall Street shows no signs of abating.
And for certain sectors, the carnage that has been unfolding can definitely be called a “crash”.
Ladies and gentlemen, the big banks are officially in trouble once again, and it is going to be a wild ride moving forward.
And the way that things wrapped up for the markets on Friday has many wondering what Monday will bring. According to one key index, investors were dumping stocks so rapidly on the Nasdaq on Friday afternoon that it was officially considered to be “panic-like activity”…
Selling on the Nasdaq reached panic-like proportions Friday afternoon with less than an hour left in regular trade, as the exchange’s Arms index rose. The Arms is a volume weighted breadth measure, that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. Levels above 2.000 are considered panic-like activity. The Nasdaq Composite Index COMP, -3.05% was off 3% at 6,969. The number of advancing stocks compared against decliners was at 2,108 to 787, pushing the Arms index on the exchange to 2.068.
Thanks to Friday’s nightmare, this week ended up being the worst week for U.S. stocks since March.
This wasn’t supposed to happen in December. According to the experts, we were due for a nice “Santa Claus rally” and everybody was supposed to go home for the holidays really happy.