The global financial markets continued to deteriorate over the last 2 weeks.
Wednesday we hit a candlestick bottom where the Dow Jones Industrial Average (DJIA) rallied 600 points from its bottom.
On Friday, the gains from Thursday and much of Wednesday evaporated with a nearly 200 point loss in the DJIA.
The technical trend is still down.
Stock valuations based on book value and past earnings have not been been this low in over 5 years.
For long-term investors, this is a great time to invest.
In the short-term, continued volatility and earnings downgrades are expected as consumer spending continues to decrease and global growth continues to decelerate.
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