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News Link • Stock Market

"Now It Begins" -

• by David Stockman

Now it begins. They bought the February 8th dip just like the previous 40 odd plungelets in the stock averages since the March 2009 bottom, expecting another ka-ching in the easy money lane of the casino.

But this time it didn't work. The market had been retreating for days and then tumbled 724 Dow points yesterday allegedly on the Donald's $50 billion tariff assault on the China trade. 

Not surprisingly, the overnight follow-through in Asia was downright bloody with Shanghai down 3.4%, the Nikkei lower by 4.5% and China's NASDAQ equivalent off by more than 5%.

But this isn't just a case of nerves in the trading pits about a potential trade war, nor is it one of those pauses that refresh from the Wall Street bromide cabinet.

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