Market notes: the equity market sell-off

The recent equity market sell-off has been one of the shortest and sharpest we have seen for several years. To be precise the 10% decline in the Dow Jones Industrial Average (DJIA) is the fourth sharpest ten-day sell-off in its more than 120-year history, so the number buffs tell us. To put it in more recent context, this chart shows how the sell-off, this time using the more appropriate S&P 500 index as the benchmark, compares with previous examples of declines from recent highs. The data as at the Wall Street close on Friday February 9th by when the market had started to recover a little. You can read my further thoughts on what, if anything, follows next in the attached pdf.

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