By: Tom Gentile
on December 8th, 2021
Big time bearish reversal day today!
To say the markets have been volatile since the half day of trade after Thanksgiving would be an understatement.
The Dow reversed off its highs (which saw it up 520 points) to finish down 461 points — a reversal to the tune of almost 1,000 points!
The NASDAQ and S&P 500 suffered significant reversals as well.
The primary catalyst is being attributed to the U.S. seeing its first case of the omicron virus.
The markets have been sideways to slightly down, prior to today, with the Dow trying to recover some of the previous days losses at least, but this incident exacerbated the move lower. Is it panic selling?
Time will tell. We have jobs numbers due to report this week and that could help the bulls. And if you see a seasonal end of year. Rally being in the cards then you likely see this drop as creating a great sale for many of your favorite stocks.