You are about to witness and live through a once in a lifetime experience. The major averages have now lost one half of all their gains since the 1931 stock market low. The Dow bottomed at 41 and then advanced to 14,000 in 2007. I traded below 7,000 today. But we are not at THE low or even a temporary low yet. The decline accelerated today with a near 300 point loss. Look for a short recovery Tuesday before the decline resumes. At this point no one knows where the ultimate low will be. But I suspect it will come amid
a melt down in prices to lows no one dreamed of
near panic in the markets
people giving up on the buy and hold idea
mutual fund capitulation as folks sell after the 50% decline
a lot of posturing to no avail in Washington DC, after all nothing they have done in the last or this administration has bolstered any confidence yet
Professor Elam 
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