The global panic continues as the Nikkei is now down nearly 17 percent in just 7 trading days as gold shines.
By Bill Fleckenstein President Of Fleckenstein Capital
February 11 (King World News) – Once again overnight markets were chaotic, with Japan losing another 2% (as the yen strengthened further), Hong Kong falling 4%, and most of Europe declining 3% to 4%. The SPOOs lost about 2.5% in sympathy preopening and the market opened a couple of percent lower, but from there the dip buyers showed up once again to trim those losses to about 1%, plus or minus. (Early on the Dow was doing a little worse than the Nasdaq. Go figure.) Also overnight, the Swedish Riksbank decided to make rates even more negative there, so bad policy continues to beget more of the same…
