For over 30 years, Gary D. Halbert has been publishing newsletters for the investment community. Now you can receive his FREE Forecasts & Trends E-Letter delivered each week to your e-mail inbox. Gary covers the latest economic forecasts and market analysis, and you'll enjoy his always-spirited political commentaries.

This Week's Forecasts & Trends E-Letter

The Worst Week In A Decade For US Stocks

February 13, 2018

Last week’s carnage in the US stock markets was one of the worst meltdowns I have witnessed in my 40+ years in the investment business. Most US stock indexes plunged over 10% in value from Friday, February 2 to the lows on Friday, February 9 – complete with two days where the Dow Jones Industrial Average lost over 1,000 points in one session.

While I warned in my Blog on January 11 and my E-Letter on January 16 that US stocks were extremely overvalued, and that the next correction – which could happen at any time – would likely be very serious, even I didn’t foresee daily market plunges of 1,000+ point declines in the Dow.

In my January 16 E-Letter, I reprinted an article from Dan Lyons which pointed out that investor allocations to stocks were the highest since 2000. Mr. Lyons pointed out that much of this money in the stock market came in late in the game, and he predicted the next market correction could be “severe.” I agreed with him.

Having just been through one of the worst weeks in stock market history, I will offer some thoughts today on the convergence of factors that led to the latest stock market implosion. Let me admit upfront that I don’t know if the downturn is over, no one does, but hopefully the analysis below will help you understand what has just happened.

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