Saturday, May 08, 2010
Investors reckon the crash was legit, not computer error
These people believed that Procter & Gamble [PG 60.31 -0.44 (-0.72%) ] deserved to plummet to $47 from the low $60s, that the Dow’s decline was the natural result of Europe’s debt troubles and the riots in Greece. They showed they had no confidence in the markets, no conviction at all.
“And that’s deadly for stocks,” Cramer said.
SHOOT: 10 000 is too high for the Dow. The world economy is a mess, and the idea that things are 'okay' is fantasy. We're a million miles from normal, most of us just won't or can't admit it. And programming computers to limit losses isn't going to postpone our delusions forever.