My Experience

The only time I can recall seeing this much panic without a bounceback was in November 2008, when we just kept going lower and lower. That followed Lehman Brothers. I don't think we are in a similar situation as the ECB has stepped into the market. I was not trading in 1987 but my understanding is that portfolio insurance was widespread and is what exacerbated the decline. I don't see anything similar today.

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