The return of volatility.
How might the markets look if things got really ugly? Volatile, that’s how. Dow Jones reports that “the industrial average plunged 52.7% in 1931 and 32.8% in 1937, but it rose 66.7% in 1933 and 38.5% in 1935. Daily volatility was also intense. Strange as it may seem, seven of the 10 biggest up days in history, on a percentage basis, occurred during the 1930’s.”