![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkGuY4lmMShsuQLwyNr19wa1ik_3Mx4Q-YLWAI0eu71dRQFs4mT8XOamZIUItKosfWkoa-EVjRz99SH9UcevQoJQlAmzltcGcedZLRuDBd7_bS2ddqF73U_mvM5S1NONmcrfE8fw/s280/SP.png)
THIS WAS TODAY'S DJIA:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_r7bw0FTffQHz_4g8Fw-PsazO2fal5buEwNlGH9OITEbZR4Y6shORT5i2i61h9C8F5gegYZB3cbGiUWvq26B63EvZ08RpLamJebJtK2HTKTIpTX32T5JQ2o9ptmWSprBR5hDlag/s280/DOW.png)
THIS WAS TODAY'S NASDAQ:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKFBOcQDB-oEmziNjBTwrj_eQkRZ5p6CrmxYAi9RVSzSa4TRo0s0xVjGkBxvZ0snGYZ5AvrklA3pNnTxZlULg2zTHdQiT5NoyD7dkPHPvRwRNkTjmBM0Je04OslXhGXVFy9NrxHw/s280/NSDAQ.png)
EACH OF THESE INDEXES HAVE ENTIRELY DIFFERENT MAKE-UPS, YET THEY MOVED IN COMPLETE LOCKSTEP TODAY.
THIS HAS HAPPENED A LOT LATELY. AND IT TRUE OF MANY REGIONAL INDICES OVERSEAS, TOO.
- I THINK ITS A REFLECTION OF THE EMOTIONAL NATURE OF THE CURRENT MARKETS AND NOT THE UNDERLYING VALUE OF ANY PARTICULAR STOCK - OR INDEX.
- IT PROVES MOST PEOPLE - AND TRADERS AND FUNDS - ARE STILL IN PANIC MODE, REACTING TO BROAD NEWS AND RUMORS AND NOT TO MARKET SPECIFIC OR EVEN MARKET-SEGMENT SPECIFIC NEWS. AND ESPECIALLY NOT COMPANY SPECIFIC NEWS.
- IT'S TIME FOR THIS PANIC TO STOP.
- HERE'S WHY:
- MANY GREAT PUBLIC COMPANIES ARE NOW TRADING AT HISTORICALLY LOW P/E RATIOS.
- AND IF RECENT ANALYSIS IS CORRECT, THEN WE ARE ALREADY 1 YEAR INTO THIS RECESSION.
- WHICH MEANS WE ARE AT MOST A YEAR AWAY FROM RECOVERY.
- EMPLOYMENT MIGHT LAG, BUT STOCK PRICES WILL NOT - SO IF YOU'RE WAITING FOR UNEMPLOYMENT TO STOP RISING, OR GO DOWN, BEFORE YOU INVEST, THEN YOU'RE GONNA MISS THE BOAT.
- STOCKS MIGHT GET CHEAPER - THEY MIGHT NOT; EITHER WAY, THE VALUE OF MOST GOOD STOCKS TODAY IS GOOD ENOUGH IF YOU CAN BUY & HOLD.
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