Dow in triple-digit selloff
NEW YORK (CNNMoney.com) -- The Dow and S&P 500 retreated Monday morning as investors bailed out of financial and commodity shares after a two-month rally, but the Nasdaq managed to trim early losses.
The Dow Jones industrial average (INDU) lost 100 points, or 1.2%, roughly 90 minutes into the session. The S&P 500 (SPX) index lost 12 points, or 1.4%. Both the Dow and S&P 500 ended the previous session at four-month highs.
The Nasdaq composite (COMP) was little changed after sliding in the morning.
Stocks have been rallying since hitting multi-year lows in early March. The Dow and S&P 500 have risen for eight of the past nine weeks; the Nasdaq has risen for 9 in a row. In that time the Dow gained 31% and the S&P 500 and Nasdaq gained 37
Once again I prove that I know nothing about buisness or the economy, but I do know when the markets will take a dip. Over a month ago I said this:
The Legatus will meet for there Pro-Life Pilgrimage on May 6-8. So I am thinking that this will be mostly them just trying to gather up funds to spew their pro-life Nazi views. So I am not anticipating a major market drop. But there will be at least couple hundred drop in the dow on May 11 or12th.
And what do you know, it May 11th and stocks suddenly start plummeting after weeks of rebounding.
Am I Nostradamus, no.
Am I crazy, a little.
Am I the only person that sees something is wrong here, yes.
How can it be that every time the Legatus meets, stocks tumble and nobody points this out. Besides me of course. When will people in the finance sector get it? Probably never.