The New Year Bear Market Is Here

Major Market Meltdown Under Way

Financial markets worldwide are in free fall the first week of 2016. Last Thursday, New Years Eve the Dow was down 179, a prelude to the start of the new year.

Monday, the first day of 2016, the Dow was slammed lower by 276, a calmer day followed on Tuesday with the Dow rising a mere 10 points. The carnage returned Wednesday as the market sank another 251 points. As I type at 2:30 on Thursday the market losses are accelerating with the Dow down 360 points. That’s a decline of 1056 points in one week (6%).

Now is the time (actually last week) to get into a safe place. The risk of a major market meltdown circa 2008 is growing by the day. 2016 is going to be one for the books……in many ways.

Tip of the day: Do not have significant funds in any major bank (if they have a commercial on national TV or have a stadium named after them). Get out while you still can.

Here are some scary charts.

                              Dow Industrials



                              S&P 500






                           Even APPLE is cratering



                           Gold is going up for a change






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