The correction is becoming a crash and the all the hiding places have been found.
Morgan Stanley down another 7.33% on the day, Bank of America down 10% to the once-unthinkable 5.50 level. The financials as a sector gave up 3.5% just today. An amazing amount of apathy plagues this market as no one is even acting surprised. Other iconic American companies are dropping like bombs all around us, Eastman Kodak headed to chapter 11, probably American Airlines as well – AMR dropped 35% today…What?
My biggest beatings have taken place in Sprint, Rackspace and Lululemon. I have small positions in all three that have gotten much smaller this month and today.
It is 4:15 pm on Wall Street. Traders are bringing out their dead and piling them high on the wheelbarrow.
Nothing much else to be doing on days like today.