Stocks slumped for the fourth straight session Tuesday on fresh worries about the mortgage and credit markets and disappointing profit forecasts from two big retailers, Home Depot and Wal-Mart Stores.As I said this morning as Wal-Mart goes, so goes the nation. I truly believe we are seeing the formation of the perfect economic storm.
The market is now down over 7% from its high so at the very least we are in a market correction. How low it will go is the question. The market doesn't seem to follow any fundamentals at this point. The wild fluctuations are evidence of that. The stock market has become Las Vegas.