> The 34% decline in the NASDAQ over the last 3 weeks is, according to
> the once famous and now obscure pundit Robert "Elliott Wave"
> Prechter, without any precedent for a major index in U.S. stock
> market history. Whee!
I'm wondering how much it really "matters." Is it conceivable that we've all of us been conditioned to the wild swings in the market of late? It certainly seems to be the case, as I have yet to see any hard evidence that the major fluctuations have had much if any psychological effect on the populace at large. Life goes on in most quarters, with nary a hint of alarm. Of course it's possible the ramifications, having taken seed in this turmoil, will bear fruit in the weeks to come - home equity loans, credit card defaults, etc. Who's to say.
How about this: any listers willing to sketch out a possible scenario or two for the next 60 days if the markets a) don't recover next week or b) head even furthur south?
In any case, Bill Bonner and the like will feel vindicated at long last.
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/ dave /