Another Bad Day For The Market – Dow Down 733 Points, 2nd Worst Point Loss Ever

Just as Jim Rogers predicted, we had a historic rally on Monday, but those gains were almost totally wiped out today by the 2nd largest points drop in history.

A weak retail sales report and gloomy forecasts from the Federal Reserve, coupled with the fact that the market is starting to realize the magnitude of our economic situation caused the huge sell off despite some fairly good earnings reports. Coca-Cola, Intel and quite a few very large companies posted better than expected profits. It wasn’t enough to counteract investors lack of confidence though.

Retail sales fell 1.2% in September, which is the biggest drop in three years. Also, gasoline prices decreased for the 28th consecutive day today. They’re down 3.8 cents overnight to a national average of $3.125 a gallon. Lower gas prices may be the only silver lining to this economic debacle.

Some Wall Street analysts are calling a bottom, although I’m not so certain. Hopefully the market will at least ease back on the volatility.