Oh my good gosh darn. Sweet mother Mary. Jeebus. Crud. I suffered a horrendous bloodbath of epic proportions today. I took a 178-point dive, was never in positive territory, and just generally got pounded by a major selloff.
There are a lot of possible explanations. In other words, a lot of stuff in the world is gummed up these days. Asia took it on the chin, Ireland (still) is a basket case and it’s really totally unclear whether the Fed’s quantitative easing program will do anything good — but it’s entirely possible the move will produce a whole ton of inflation, which would be bad.
Then again, if inflation is in the works, today’s numbers from the Bureau of Labor Statistics weren’t showing it. The producer price index came in lower than expectations, and the core producer-prices shrank slightly — that’s deflation!
Every one of my stocks, except Home Depot and Wal-Mart, were down today. Alcoa got crushed, losing 2.8 percent. It was ugly. I am unhappy. Recession to the left of me, inflation to the right, here I am.
Stuck in the middle,
The Dow Jones Industrial Average