Well Needed Correction

What a bad day to have a call option, I lucked out with only having one and getting out early this morning. The Dow Jones is currently down 912 points today, one of the biggest one day moves we have seen in months. This drop was not sudden however, it has gradually gotten worse as the day has gone on, opening only down a measly 10 points then sliding to down 935 points. Yes, as I am writing this the drop off continues to get worse and worse. Theoretically, this can be very healthy for the market because if it has a green day tomorrow, it shows that this was as the title states, a well needed correction. Specifically to the technology sector with the NASDAQ, there was 11 straight green sessions prior to today, an insane streak to maintain for so long. While this is a very large correction, it is not the largest of recent. Back in early June after days of green, the Dow Jones dropped 1,800 points on one Thursday, but soon after kept chugging higher. It seems as though if there ever is a large correction, its gonna be on a Thursday (a way too early hot take). I suspect for the market to climb out of this hole it has dug for itself tomorrow, but if it does not, panic among investors may set in.

-Darnel Shillingford

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