Housing markets will not recover any time soon

Yesterday, investors once again demonstrated how jittery they are as the Dow-Jones Industrial Average plunged 2.49 percent, the euro plummeted, options trading was unusually volatile, commodities fell, reaction to the Fed’s FOMC comments became sharply negative and Treasury yields dropped.

Quoted in the Wall Street Journal,  Keith Bliss, senior vice president with Cuttone & Co., had this to say about the day’s events:

All of a sudden, bad news is pouring out from seemingly every corner of the world.  People are saying, let’s take our long positions off the board and let the rest of the world digest what’s happening here.