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Michael Henderson

Michael Henderson suggests


Is today the day the Dow crashes?

Monday, 22nd October 2007

For a blissfully long period in the bull market, corrections were ten months apart. Now we’re lucky to get through ten weeks. Wall Street’s Grey Friday (where the Dow fell 2.6% on the anniversary of the 87 crash) has hit Asia hard. Indonesia is down 4.3%, Korea by 3.4% and China by 2.6%. The FTSE’s being quite resilient – 71 points down at 10am. But anyone studying the August crash will know to disregard this. All eyes are on the Dow this afternoon. There is no fundamental reason for all this, shares remain at low p/e ratios and there are no banks making margin calls on hedge funds – which forced the last (in my view, artificial) crash. But crashes don’t need a reason. We’ll know this afternoon.

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