I've been saying the stock market is grossly overpriced for quite some time now, but the market stayed bullish after government bailouts, stimulus, and plain irrational exuberence, despite our economy being in the toilet. But finally, reality has set in, and the Great Correction has begun.
In one month, the Dow has lost 1,190 points, or 10.6% of its value. That is a boatload of money evaporating, and I doubt we have seen the worst of it.
So there's your sunny optimism for the day.
[graph from Marketwatch]
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