Wall Street Chainsaw Massacre

It’s all bad today.  Losers over winners ratio at 14-to-1 or so.  My monitor is a sea of red, other than the ultra-short ETFs and, believe it or not, $BP.

Here’s a sample email missive that’s pretty representative of the sentiment around here:

“Global de-risking, multiple compression, confidence diving, unemployment unmovable, new leg down for housing, taxes going up, state budgets being slashed, 2.1 million people having jobless benefits expire this fall, etc etc etc.

 I’m all ears for the bull case…?”

Dow down over 200 as of this writing.  The technicians are fixated on that all-important S&P 1040 level.  We’re close to 1050 and that level is certainly in sight.

The market isn’t worrying about any of that “Unknown Unknowns” nonsense, as the “Knowns” are bad enough.