"It's Only A Flesh Wound". That was the title of an article that my new finance guy gave me back in June. The writer made a fairly decent case for likening the market decline to a light flesh wound...in the big scheme of things that is. I wonder what that analyst is thinking today. If he compared the markets in mid June to a flesh wound, I expect that he'd now agree it's akin to a full blown gun shot wound to the head.
The TSX fell 6.15% last week followed with another 4.04% decline yesterday. Yup, a 10.19% haircut in six trading days. Down south, the DOW followed last week's 6.57% plunge with a 5.55% drop yesterday, making Monday, August 8, 2011 the all time sixth worst day for the index. Will it be coined as the third Black Monday?
Overnight, Europe and Asia are down again. US futures are holding steady and even showing a slight uptick at the moment. Don't look for any gains here at home. Last Monday's $98 oil is now down below $80. So goes oil, so goes the TSX. This undoubtedly has something to do with the drop of the Canadian dollar from $1.05 US a week ago to pretty much par this morning.
The TSX fell 6.15% last week followed with another 4.04% decline yesterday. Yup, a 10.19% haircut in six trading days. Down south, the DOW followed last week's 6.57% plunge with a 5.55% drop yesterday, making Monday, August 8, 2011 the all time sixth worst day for the index. Will it be coined as the third Black Monday?
Overnight, Europe and Asia are down again. US futures are holding steady and even showing a slight uptick at the moment. Don't look for any gains here at home. Last Monday's $98 oil is now down below $80. So goes oil, so goes the TSX. This undoubtedly has something to do with the drop of the Canadian dollar from $1.05 US a week ago to pretty much par this morning.
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