Panic. That is, according to some of the best strategists on Wall Street, the most concise summary of trader sentiment today following a near history rout in the market on the first day of trading of 2016.
But don't worry: according to Citi's Brent Donnelly, "It is too early to panic."
Here's why:
First is a link from Bloomberg [3]on how the first day of the year does not predict the rest of year.
The chart is mine and shows the 14 times we saw a >1% drop on Day 1 of the year, then what happened on Day 2. Mostly rallies
[4]
And while we are confident that Citi will promptly advise when the right time to panic finally arrives, there is another popular saying: "he who panics first, panics best."
