What looked like just another bad day early this morning turned even worse when the opening bell rang today. As of 10:30 this morning, the S&P 500 was down over 7%.
So what caused the acceleration in selling? Many have attributed the sell-off to hedge fund redemptions as well as comments Jim Cramer made on the Today Show before the open (that were later picked up on the Drudge Report) when he said, “Whatever money you may need for the next five years, please take it out of the stock market right now, this week."
click to enlarge
We'll see how the market closes, but these type of hysteria comments to Main Street, America from a renowned bull may cause just the type of panic that we noted this market was currently lacking.