The stock market tumbled again today, currently dropping 167 points with only an hour and a half left in trading. The trading volume has been light and much of that has to do with traders being wary over what the Fed will do about inflation concerns. Traders are waiting to see what came out of the latest Fed meeting that occurred recently.
The stock market did make some big gains last week that made up for some of the huge drops it had earlier in the month due to housing and credit concerns. It has been remarkable to see how the stock market has played out in 2007. The story has been huge gains and huge drops. I think the average for this year may end up on the positive, even though the media will make the general public feel like it dropped heavily this year. I’m still not too concerned with where the economy is going. The real estate market is not plummeting, we’re just seeing the fall out of mortgage lenders making bad mistakes and consumers making even bigger mistakes. I don’t like that the government is trying to intervene and correct the problems of the economy. Let the free market work itself out. A true free market will punish those that made bad mistakes and reward those who did not. That is the way it works, and it has worked for 200 years.
For the full story, vist Yahoo Finance’s Market Update