1. Chinese regulators caused the meltdown
2. It was Greenspan's fault.
3. Blame China's market crash.
4. A Dow Jones Glitch caused the plunge
5. Prices Fluctuate
(And we got fluctuated pretty good)!
6. Stock prices will be higher six months from now.
7. Selloffs such as this are healthy.
8. The Fed stands by ready to cut if this gets much worse.
9. The market is not forecasting a weakening economy.
10. This had nothing to do with anything fundamental!
What makes this situation potentially dangerous is that this was the first day of the selloff, not the last.
The enormous distributive volume and the horrific market internals were anything but healthy. It suggests a major change in underlying metrics and psychology.
This view is far more pessimistic than mine. Its also far better informed.
