Taking everything down with it. Almost 70% of all stocks trade with the overall market. We'll see if the S&P can hold 1227 (10% correction), next support 1204. America's Corp. balance sheets are generally pretty strong and are continuing to pay decent dividends so it's not like we are back in the Lehman days.
Excellent points and thanks for the great posts.I am tempted to sell though just in case fear brings it lower than it should. Still up about 100% in nordys.
thing about JWN is that many of the buyers have some stock position....lots of 401k out there.whats the reverse wealth effect gonna do to their consumption habits?thing about discretionary income is it very discretionary and can turn overnight. Since the market is forward looking and all the good news has been priced in its gonna get alot worse for JWN.this is a great short opportunity and we should see a continued downfall as the S&P retests its 666 print back in 2008. Probably split the difference but 800-900 is gonna happen.these guys will be cut in half easily as their cliental turns off their credit cards.