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| Fellow Investor,
For the second time in a week, we had a "margin call" day. That's what I've started to call those days where the market sells off steadily all day, because it's as if the market itself received a margin call, and has to sell stock relentlessly, regardless of fundamentals.
Now, since I mentioned fundamentals, that's the place to begin our discussion of what's happened to the stock market lately - and what we should be doing about it.
As I wrote yesterday, analysts and strategists alike are on record saying they do not want to lower earnings forecasts for stocks.
They typically cite the fact that companies have steadily grown earnings, even when economic data weakens, like last summer, when economic data was so weak, the Fed began the bond buying program known as QE2.
Of course, many of those strategists and analysts were talking tough before yesterday's 600 point decline on the Dow Industrials.
We should ask: where do those analysts stand now? Does that decline change anything for corporate America? Or was it an emotional reaction to the S&P downgrade and our frustrations with Congress?
It's not possible to know the future (or I would have been holding a massive amount of put options), but to get an idea of what's ahead, we should start with what just happened.
As you know, I run an investment research firm. It is my job to provide quality investment research. But it's also my job to offer insight into what's really driving the stock market and economy...
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Market Snapshot
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| | US Markets - August 8 Close | | Dow Jones | 10,809.85 | -634.76 | (-5.55%) | | 
| | S&P 500 | 1,119.46 | -79.92 | (-6.66%) | |
| | Nasdaq | 2,357.69 | -174.72 | (-6.90%) | |
| | Currencies | | EUR/USD | 1.423 | +0.007 | (+0.487%) | |
| | USD/JPY | 77.315 | -0.53 | (-0.681%) | |
| | GBP/USD | 1.626 | -0.0048 | (-0.293%) | |
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