Dow drops 112 as stocks rollercoaster on oil, ruble
Don Luskin, chief investment officer at TrendMacro, says the bad market action tied to sinking oil prices will eventually play out and exhaust itself.
"The instabilities are upon us -- in spades; the big losers are identifying themselves," says Luskin. "It seems that's all markets are focusing on now. But the instabilities are short-term, and we think we'll get through them without a lot of damage. On the other side beyond the instabilities is an enormous stimulus to global growth in the form of liberation from a decade of the highest oil prices in history. In the US, just the drop in gasoline prices represents a tax cut almost equivalent to abolishing the payroll tax. Be patient, be alert -- in this instability will emerge great opportunity."