Peter Schiff: The Dovish Fed Won't Fly

Another big move today in the U.S. stock market except this time the big move was to the upside, more than eradicating yesterday's big decline. 

In fact, looking back historically, yesterday's drop was the second biggest drop in history for the second day of the New Year. 

The biggest drop on the second day of a new year was in the year 2000. That was the year when the NASDAQ bubble originally popped. 

That big drop happened at a time where the market was peaking and we were just beginning a bear market where the U.S. stock market went down by about half and the NASDAQ went down by abut 80%. So not a good comparison.

- Source, Peter Schiff