What we got, in the last hour or so, was one of those fast markets with no bids, etc. A market freefall. The rebalancings of the ETFs did us in. As always; nothing new.
They mounted the rally too early. It was bound to fail. The double and triples sells, coupled with the astounding lack of liquidity, created this abomination.
And the levels have been kicked to the curb.
We have seen such absurdities here, be it the C stopped-trading move, or the incredible declines in tech for companies that are doing great, or the general multiple shrinkage that seems to be happening hourly, or the sense that everything that was good -- China, Europe stabilization... It's a joke.
The malaise - created by our President and Congress - is at work, eating away at multiples. Eating away.
But remember, stocks do get cheaper as they go down, even as they take out key levels!
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