Agreed, never a good deal. Funny thing is, I was listening to a report on how awesome it was doing the morning it dropped.
I'm hearing today is going to be a pretty bad day as well. But anyway, a teacher at my school provided some insight as to why the Chinese markets, which triggered the drop, acted as they did (and ended up down 9%).
The Chinese markets are controlled primarily by indiviadual investors, who for the first time have substantial amounts of money to invest. The Chinese markets are quite different from our own; the population is not educated about financial matters, and to make matters worse, there is no capital gains tax, causing the "buy-n-sell-the-next-day" tactic that is rarely seen in America. This leads to a very fluid, volatile market; when reports of a market crash in America started arriving, individual investors started to cash out, in droves.
