I guess Wall Street made it known what it thought of Congress for not passing the bailout bill! Today was one of the worst days this market has ever seen. In fact we are now at four year lows in the S&P. Amazing how fast the market can knock down years of gains in the span of a few months.
At this point, the Do-Worse Congress is going to pass a plan and the President will sign it, and its safe to say, that it will be this week. However, there is no guarantees that this plan is going to work. Remember the government has tried multiple times this year to stop the bleeding, so what makes us think that this plan will be effective? Not saying that it won’t work, but do we know that for certain? Absolutely not.
What’s your thoughts?
Here’s the Nasdaq and S&P charts (GRAPHIC CONTENT: Viewer Discretion is Advised!)