Stocks and investors went their “Separate Ways” today, so I thought it appropriate to pass along this video of the band Recess doing a cover of Journey‘s hit by that name. The singer is 9 years old, guys.
Today, the 6 week stock market rally stalled as investors digested the earnings from Bank of America with a more sober interpretation and Goldman rained on the Citi parade from last Friday. The banks sold off pretty much from the open.
Oil and energy-related stocks also got taken out back behind the woodshed for a good beating, here’s an intraday look at the OSX (Oil Services Index) over the last 5 sessions into this afternoon:
All told, it’s probably too early to tell if today’s sell-off is the pause that refreshes, or just the continuation of the prevailing bear market. Many will have strong opinions, many will be wrong, so stay alert out there.
BTW, in case you missed it, here’s a guest post I did for The Business Insider (Clusterstock) this morning, wherein I refer to bear market rallies as drug addicts…check it out, laugh, and learn something:
Bear Market Rallies are Like Drug Addicts on Clusterstock
Enjoy your evening and thanks for reading today.
Full Disclosure: I have no positions in GS, C or the OSX index.