[quote=spdrun]Keep in mind that the Dow was at 10,400 13 months ago. Even a 2000 point correction (from 13.6k down to 11.6k) isn’t the end of times. Eventually people will think “hmmm, deals” and start buying.[/quote]
I agree with that… But then again, people love buying at peak… I can think of a lot of institutions that were pushing a buy recommendation of apple @ $700+/share, saying that it was going to go to $1000/share… And people actually believing it….
Don’t get me wrong. I love the volatility.. I’m kinda sitting on the sideline eatting popcorn enjoying the market hysteria…
Just saying if 10-20% comes off of people’s retirement accounts/asset, it’s gonna make people feel a lot poorer, and that sentiment IS gonna make a difference in how people spend.
I’m predicting holiday sales this year is gonna look really bad this year. People are just gonna be in a foul mood. This market correction couldn’t have come at a worse time, right before holiday sales……Coupled with a boatload of financial uncertainty in terms of next year and taxes on corps and the “rich”…definitely not a good way to start holiday sales.
