The markets sold off to the 804 on the SP 500 and closed < 8000 (into the 7000) for the first time since 2003. Please see my Nov 15th blog post ("Outlook for the markets this week") for the call last week.
Come back for more sound calls and indications where the market goes next. Remember, when everyone is calling the bottom, it ain't it.
Why are the markets in a rout? I call it the BHO/SMDC effect. As it becomes clear that BHO and his SMDC are going to be able to do anything they want without fear of Republican intervention, the smart capital is pulling their investments from the US equities and moving it into cash and overseas.
This is what happens when you say the magic words: "Share the wealth." Well if it keeps going, there will not be much wealth to share.
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