Monday was like being convicted of a crime and then going back for sentencing...You knew it was going to be bad . It had to have been the same feeling for " Wall Street " after Standard & Poors " downgrade following the market close this past Friday until the opening bell Monday. It must have been like "doom waiting on your doorstep"! Nothing could be done except to absorb the body shots and keep your chin up.
So after Monday's pounding and the rough first part of yesterday, it looked like we were heading for a free fall with no relief in sight. Thank God for the announcement by the Fed . The market rebounded , finished up over 400 points for the day and almost recovered 2/3rds of Monday's fall-off.
That was the immediate result. The longer term effect was it avoided 2 consecutive days of catastrophic downswings, which could have started a downward, out of control spiral . Investor confidence got a boost and we all live to see another day.
We just have to take one day at a time!
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