Monday is the third Monday in October, marking the anniversary of “Black Monday,” the day of the 1987 stock market crash that saw the Dow fall more than 22%, its worst day in history.

It was sheer panic on Wall Street.

David Rosenberg, now chief strategist at Gluskin Sheff, told Barry Ritholtz on his Masters in Business radio program back in September that “Black Monday” is the scariest thing he’s seen in his time on Wall Street.

“I’ve been through the savings & loan crisis, I’ve been through what happened in 1994, the tech wreck, I was there on Wall Street between New Century Financial, and Bear Stearns, and Lehman, and AIG, but I’ll tell you something: the palpable fear, there was nothing like October 19, 1987,” Rosenberg said.

“People actually thought that the world was going to come to an end.”

Black Monday also happened to be Rosenberg’s first day on Wall Street.

On that Monday, Rosenberg joined the Bank of Nova Scotia as an economist after working for the Canada Housing and Mortgage Corporation, which Rosenberg said is like the Canadian equivalent of Fannie Mae.

“It was my first day on the trading floor, and it was pure pandemonium,” Rosenberg said. “If somebody had offered me a ticket back to my cushy civil servant job in Ottawa, I probably would have taken it.”

“So many things happened at around that time that shaped my thinking at a whole range of levels.”

Amid this panic, Rosenberg remembers the economists who brought him on to work at Bank of Nova Scotia going around to every part of the bank — including the CEO’s office — and remaining totally calm.

This past Wednesday amid choppy trade and historic volatility in the bond market, we highlighted comments from Rosenberg who reminded investors to take a deep breath and remember what is important for building wealth.




Swapping these positions one for t’other




Into market declines its good to trade longer term and keep some perspective.


Its far easier to see tops/bottoms on longer term charts. Then simply switch back to daily/weekly when you think on a monthly [or longer] that you have an entry point [assuming a long entry].


Their message for investors: Even after the MSCI World Index’s lurch to its lowest since February, sentiment risks souring for a while longer. The reason is that just as global growth is weakening again, central bankers who sustained much of the expansion are running out of ammunition.

A case in point is the reliance of the ECB on the weaker euro to deliver an economic boost. That’s not likely to work because what matters is its trade-weighted value. On that basis, he calculates sterling and the yen both fell 20 percent when their authorities pursued easier monetary policy in recent years.

The upshot? Either the ECB’s stimulus efforts fall short or the dollar goes through the roof, preventing the Fed from raising interest rates and hitting dollar-reliant economies in Latin America and China.

Currency markets have been quiet for a while due to low interest rates. It looks as if they may be coming alive again.



If you had been waiting for a pullback – this is it. But as with all pullbacks, the question is: is this the end of the bull? If so, I don’t want a long entry. With the end of QE this is a tough question.



Added just this moment. Bonus, a 13% dividend.

NEW YORK (TheStreet) — CTC Media (CTCM) was falling 20.2% to $6.86 Monday following news that proposed amendments to Russia’s “On Mass Media” law passed second and third readings in the lower house of the Russian parliament.

The Mass Media law would limit the direct or indirect foreign ownership of Russian mass market businesses, according to Russia-based CTC Media, which directly and indirectly owns several Russian companies that operate broadcast media entertainment businesses. The law affects both existing and future foreign ownership.

If the law passes it will take effect on Jan. 1, 2016, and would make it so non-Russian people and companies can’t own more than 20% of Russian mass media entities.


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