Volatility ruled the markets on Tuesday, a day of triple-digit swings and crazy gyrations. At some moments during the day, it seemed as though we were watching a battle between algorithms on the sell-side and humans on the buy-side.
"Stocks swung between gains and losses no fewer than a dozen times before a late-session rally," write Sarah Ponczek and Kailey Leinz of Bloomberg News. This after Monday's record single-day 1,175 point drop in the Dow Jones Industrial Average.
On Tuesday, the Dow Jones Industrial Average gained 2.33 percent or 567 points while the S&P 500 Index rose 1.7 percent with huge volumes of trading toward the session close. For a quick snapshot of the day's results, check out CNBC's summary of U.S. markets.
So when will the ride end?
It feels to me like we've hit bottom, but you never know. Some experts are saying the bloodletting will continue, at least sporadically. Others say now's the time to start buying again. Conventional wisdom says to wait for two consecutive days of uptick, but these are hardly conventional times.
The good news is that tech stocks are looking good. Apple, Amazon, Microsoft, Alphabet (Google) and Cisco all ended the day in the green. From my perspective, the strength of tech stocks mirrors the profound and fundamental strength of the tech industry itself. As an industry, we are rock solid and we will grow!
Yes, I realize that my views reflect my deep and abiding love of the tech industry. But after more than 30 years of watching the industry's ups and downs, I feel confident about our future. Technology is baked deeply into every aspect of our 21st century global economy. That's a fact, and I don't see anything on the horizon that would weaken our reliance on technology.
That said, I foresee continuing market volatility. Frankly, I think it's the new normal. As I've written before, we need to get comfortable with the idea of uncertainty because it's not going away.
I don't own a crystal ball and I can't claim any magical knowledge of the future. I'm not telling you to bet the farm on tech. But after watching the action on Wall Street for the past couple of days, I'm glad to be part of the tech community.