Who’s writing this script? It’s almost corny. How can you go over a cliff that everyone agrees is there and would be a bad thing to do? You probably can’t but right now the market is starting to believe we can. The last hour of the day and the hour after the close were reminiscent of panic voiced news commentators from 2008. By 30 minutes after the close, futures markets were expecting a down 315 point day Monday. The oddity is that when all is settled through the close Friday the S&P 500 is barely down 1% for the month although it feels like we are half hanging off the wall already. The speed is definitely quickening.
