Update 1987 redux. . .

MK note:  Jerome Powell’s first day on the job and the Dow Jones Industrial Average closes down 1175.  Can you imagine?  Has to be one of the rudest greetings for a Fed chairman in U.S. financial history.

>>> Please scroll below until you run into the photo of Mr. Powell and read. . .posted yesterday morning on the possibility of a 1987 replay.

“Have you ever seen in some wood, on a sunny quiet day, a cloud of flying midges — thousands of them — hovering, apparently motionless, in a sunbeam? …Yes? …Well, did you ever see the whole flight — each mite apparently preserving its distance from all others — suddenly move, say three feet, to one side or the other? Well, what made them do that? A breeze? I said a quiet day. But try to recall — did you ever see them move directly back again in the same unison? Well, what made them do that? Great human mass movements are slower of inception but much more effective.” – Bernard Baruch, early 20th century market speculator

Chart courtesy of tradingeconomics.com
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