That didn’t take long. Just a month ago, I wrote, “Stock Market More Overpriced And Perilous Than Anytime In History ,” stating that the market was poised for a big fall because “some of the market’s most fundamental valuation metrics are now printing at levels never seen before…. This market is tripping on some pricy hallucinogens.”
.And here we are! A single black swan has knocked the legs out from under the bull. It’s not a full-blown correction yet (requiring indices fall by, at least, 10%) or a crash (20% or more), though it looks like it could hit that mark by the end of today. That would be a full correction in just four days.
The market has fallen off such a steep cliff to where MarketWatch reported that Monday and Tuesday teamed up to be the largest two-day point drop in Dow history! (Some other sites have said it is the largest since the big drop I predicted for the start of 2018 when the market experienced its largest one-day point drop in history.)