Following the Nasdaq’s most volatile day, market psychosis is everywhere. Time for common sense to make a comeback. First the background. As you’ve probably noticed this morning, all the talking heads are in overdrive, the New York tabloids are screaming “Scary!” in big font sizes and investors are shell-shocked as the Nasdaq had its biggest one-day plunge and biggest one-day rebound within three hours. If you weren’t around to watch all the trading on Tuesday, you were lucky. By the end of the trading session things were decidedly normal. The Nasdaq was off about 74 points to 4,148 and the Dow Jones industrial average was down 57 to 11,164. Around 1 p.m. EDT, the Nasdaq tanked 13.6 percent as panic selling and margin calls kicked in. From the bottom to the close, the Nasdaq gyrated more than 25 percent. Yes folks, volatility is here to stay. Traders flipped out on Monday over a Microsoft antitrust ruling that surprised no one. The Microsoft worries were enough for a 7 percent Nasdaq slide. On Tuesday, the tech-heavy Nasdaq went bonkers. Who knows what will happen today? Here are some common sense themes that are worth revisiting. 1. Cash is king … In… Read full this story
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