The TSX was down over 10% this morning for whatever reason fancies the average investor. The Toronto market is down over 30% in the past 4 months and the S&P500 is down over 30% in the past 12 months. I'm sure some new doom is sure to envelope our country, shuttering our businesses and turning us all into stark raving mad lunatics.
Well maybe it isn't quite that bad and to this observer of human behaviour, it seems a little overdone now. I have recognized that timing the market bottom is an impossible feat but there are two things that are common about market bottoms:
1) Despair and hopelessness. Check.
2) Massive redemptions of mutual funds. Check. See story here.
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