The DJIA is down about 180points as I write this, bouncing slightly off the day's lows. All 30 members are in the red. The bond market is strong, as investors flee to the "safety" of government debt.
Here is a "flight to safety" if I've ever seen one:
The US 10year:
As for the DJIA, I'd keep an eye out for bargains (HPQ, IBM, ummm pretty much all the non-financials). Remember, these firms will not "revert to the mean" and hand away huge chunks of margin if we see a "double dip" recession (we're kinda there already, right?). They'll let go of people before they let go of profit margins...That's not to say that margins can't fall, but the point is that this index discounts a lot of bad news...
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