[chemgear]

Originally Posted by ben voyonsdonc

The TSX is down 470 today. Holy.

http://business.financialpost.com/20...ak-china-data/

The S&P/TSX composite index tumbled 472.53 points to 14,001.17 on top of a slide of almost two per cent last week. That’s the biggest drop on Canada’s top index since Aug. 8, 2011.

The psychology is extremely negative. We’re back into panic mode,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management. “The market in Canada is becoming more and more irrational.”

“People are selling because the market is down and they think it’s going to go down further,” he said. “They’re probably going to be right because they’re selling.”

Cockfield, who is waiting on the sidelines until the dust settles, said the oil and gas selloff has unnerved the market and now “investors are selling everything”.