David Fry's Daily Market Outlook

"We regret yesterday's unprecedented events and are taking remedial actions to prevent their recurrence, but we have no reason to believe any investors were harmed."
~ Dow Jones statement

We're not in the PR business, and the above comment says neither is Dow Jones.

Meanwhile equity market volatility continues as Greenspan tries to clarify his comments, Treasury Secretary Paulson delivers some "happy talk," and investors are still trying hard to make sense of all the volatility. As to the latter, things haven't calmed down much.

And as we indicated Tuesday, gold investors are selling to offset losses in equity portfolios. A pretty good summary of this is contained in this Bloomberg news item. Does that mean it's a buying opportunity? You'd think so since it's just hot money investors bugging out. However, you could make that argument about a lot of markets this week.

The Asian Contagion 2007 Edition began with ineptitude by Chinese authorities and continued globally helped by our friends at the NYSE and DJ.

There are plenty of charts that could be posted, but you have a good idea of the general way of things. Over the past few months, markets moved steadily higher with most in lock-step with each other. The same is true today -- except in the opposite direction. How far will markets fall is anyone's "guess." But confidence is clearly shaken and not helped one bit by stupid and insulting statements from the inept DJ and NYSE.

Have a pleasant weekend.

Disclaimer: Among other issues, the ETF Digest maintains positions in: S&P 500 Index (SPY), NASDAQ 100 Trust Shares ETF (QQQQ), MidCap SPDRs ETF (MDY), iShares Russell 2000 Index ETF (IWM), PowerShares DB Energy Fund (DBE), streetTRACKS Gold Trust ETF (GLD) and iShares MSCI Japan Index ETF (EWJ).