I'm really surprised that the downslide remains quite orderly until now, would have expected the panic to kick in massively at these levels. The frogs keep getting boiled.
Back in July we had news events which lead to panic opens. WCOM fraud, INTC warning both created panic type opens with nice reversals. In the current environment there has been nothing specific to cause a panic, just apathy against a backdrop of negative economic and political news. Hopefully earnings season will get things moving again.
LOL! It surprises me too. I was talking about that with a stockbroker friend of mine recently. He was almost amazed at how calm his clients were. Sounds more like the middle of a bear market rather than the end. If this market overshoots on the way down the way it did on the way up, it is going to be bloody!
Well the talking heads are reminding the public that we are at the lows and should find support here. The public knows to just be a little more patient and then the bull returns and they can make back all their money. They are used to holding losers by now, so there is nothing to do but wait it out. Since everyone knows about PANIC SELLING and blowouts, I wonder if it will happen. Maybe it won't. The market will do whatever surprises the most people. Everyone is waiting and looking for the blowout panic selloff, so guess what...
I think the days of huge panic selling are soon to be over. Instead the new bear market will be a listless, slow decline that wears out both bulls and bears.
I agree - more grinding down with with occasional short covering rallies. If you bought NT @ $86; INTC $75; CSCO $ 82; JDSU $ 153 - would you start to panic now? However if MSFT got a 25% haircut - that might cause a panic doher
There was a little bit of panic selling in Cisco today. The stock dropped from 9.18 to 8.84 around 8am (11 Eastern). Doesn't usually move that quickly - also very fast market based on taking out important psychological lows (ten on friday then 9 today).
Your not kidding! Someone sold the hell out of it, just after 11:00. For a second, I thought they let that clerk at Bear Sterns back on the trading desk!