Securities are now in a self defeating tailspin, I can hardly think of anything, other than short covering rallies, that will cause even a short respite in the downturn. This is nothing like we’ve ever experienced and here is why: never in the history of the world have we had every-day, average folk, who don’t know a stock from a schlok, had a vested interest in the stock market than we have now, that interest is their 401(k) (which is exactly what forced me to take more than a curious gander at it). You now have billions of blue collar workers waking up to the notion that they’ve lost 30% of their retirement savings this year alone, 10% of it in the last couple of weeks. Watch out, mutual account managers are getting the wakup call of their lives as billions move out of stocks and into any and every safe haven they can possibly find.
