In my first Whilst I was away post, I commented on the meltdown on the stock markets. I’m back now and the full extent of the rout has hit me hard. Since 1st Aug 11, when I went on my holidays, the NASDAQ has fallen by 15% and the FTSE100 by 13.3%. But the FTSE SCS Index is ‘only’ down 5.4%. Until Friday, it had been tracking the other indices but Autonomy is the largest constituent of the FTSE SCS Index and it was that stock alone that has pulled the Index back. Indeed, the FTSE SCS Index is down a mere 3.75% YTD compared with a 14.6% decline in the FTSE100.
It would be good to feel that now I’m back the worst is behind us. But the press is wall-to-wall bad financial news. Although not what anyone wants to hear, we should remember that the FTSE100 was at 6700 in mid-2007 but then fell and fell and fell until hitting a low of 3500 in March 09.
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