Monday's Markets In Review: Buy-the-Dip Fails

Today's action was not pretty, unless you were a bear. Here are a few charts to consider.

Dow 10-Minute

click on any chart for sharper image

In the first 10 minutes, the Dow fell 1,089 points. By 1:00, the Dow regained 990.88 points, but closed down 588.47 points, -3.57%.

S&P 500 10-Minute

In the first 10 minutes, the S&P 500 fell 103.88 points. By early afternoon, the S&P 500 regained 87.08 points, but closed down 77.68 points, -3.94%.

Russell 2000 10-Minute

In the first 30 minutes, the Russell 2000 small-cap index fell 50.86 points. By early afternoon, the Russell regained 42.65 points, but closed down 45.10 points, -3.90%.

Nasdaq 100 10-Minute

In the first 10 minutes, the Nasdaq 100 index fell 410.04 points. By early afternoon, the Nasdaq was amazing in the green, but closed down 158.67 points, -3.78%.

Low vs. Close

  • Nasdaq 100 Low: -9.77%
  • Nasdaq 100 Close: -3.78%
  • Dow Low: -6.62%
  • Dow Close: -3.57%
  • S&P 500 Low: -5.27%
  • S&P 500 Close: -3.94%
  • Russell Low: -4.40%
  • Russell Close: -3.90%

Those who bought any dip last week were in for a rude awakening this morning.

Mike "Mish" Shedlock

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.