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Disastrous Day that Confidence Broke!

IMG Auteur
Bill Holter
Miles Franklin
Published : August 25th, 2015
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Category : Editorials

Dear CIGAs,

As a follow up from yesterday’s A Weekend’s Heads Up , my thoughts were truly an understatement for today’s action! The open was far weaker than I had anticipated, down 1,089 points. This was the biggest point drop in Dow history. The volatility was out of control with the VIX trading to 53, the highest since Feb. 2009! An illustration of how much and how fast the volatility was, total point movement in the first 90 minutes was 3,000 Dow points, 4,900 total for the day! Truly incredible!
So where do we go from here? Unless we get some sort of central bank news out of China, we open down again tomorrow and see if they can get a reversal going. We are well over sold and due a bounce …but ALL crashes have occurred from oversold readings. While talking to Jim after the close, he initially said “the PPT got their ass kicked today, it would not have happened if I was running their desk”. Let me explain this because it is SO IMPORTANT.   MORE…
Data and Statistics for these countries : China | All
Gold and Silver Prices for these countries : China | All
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Bill Holter is an original. After a lengthy career in financial services, he retired in 2006 and moved his family out of the U.S. He then returned in 2011 and makes currently makes his home in Texas, and is currently a partner of Jim Sinclair at www.jsmineset.com
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