Chart of the Day – 10.18.2008***

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CHART OF THE DAY….A couple of weeks ago I quit watching the stock market’s gyrations during the day because it was obvious that they didn’t really mean anything. Up, down, whatever: the events of the final hour, from 3 pm to 4 pm were all that mattered, wiping out huge gains in an instant or turning small losses into disasters.

Now comes a nice chart via Zubin Jelveh that demonstrates the point graphically. As you can see, normally the stock market moves anywhere from a quarter of a percent to one percent in the final hour of the day. That’s roughly the same as the other six hours the market is open. But since mid-September? Final-hour volatility jumped to 2%, and then earlier this month to a high of 6%. That’s as much movement as the entire rest of the day. So if you’re the nervous sort, give yourself a break and take your eyes off the hourly movements of the Dow. Just check in at 4 pm and be done with it.

Need some more charts? Ezra Klein has a nice one showing that sometimes placebos work just as well as surgery. (With a followup here.) Maybe those Christian Scientists are on to something after all?

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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