Today the NYSE opened at 15,676 and jumped to 16,085. Then it began to drift downward to 15,920 over the next hour. Personally, I expect to see it wind up in negative territory again today.
The Shanghai Composite started its day good but wound up down another 1.27%. Reports are that it has lost 25% of its value over the last 5 business days. The European markets are following as well. Most market analysts are saying, at the moment, the DOW is still the market the world watches and are poo-pooing the idea that the Chinese stock market has any significance.
I couldn’t help but laugh yesterday when Jeff Reeves said “you’d be crazy not to buy Apple stock today” because my first thought was, “Is that the captain of the ‘Titanic’ speaking?” Shortly after he made his statement, or at least after the story got reported, the NYSE began its slide toward another 200 plus point loss for the day.
Once it was the city of London that led the way in the world financial markets. For most of the last century, it has been Wall Street. This week, at the very least, it is China. What can be said for certain regarding this crash, if we can call it a crash, is that it is very much like your TV or your smart phone in that it is stamped “Made in China.”
Pastor Ward Clinton