New York – Wall Street spiraled lower for the second straight session Wednesday as record-high oil prices and a poor report from the Federal Reserve deepened investors’ worry that other investors would become worried.
“It absolutely scares the hell out of us when we start thinking about how scared other traders must be getting. It captures the tug-of-war between the two things that move stock prices, fear and greed…and crystallizes how different those two things are,” said Bob Tsongus, chief investment strategist for MissionBeta Capital. “I mean, obviously none of us have any idea what these companies are really worth. It’s more like a game of hot potato. And let me tell you, this potato is really really hot. Or cold, whatever.”
While the emotional stability of other rich people remained at the top of investor minds, analysts agreed that the stock market could rebound sharply tomorrow if “someone tells us that some guy we don’t understand said that things will probably get better soon.”