Each day, expect some comment here about the state of the world markets. In a prior life, I did computer work for several of the venues where stocks and futures are traded. I’m not a trader. Think of me as the guy at the casino quietly walking around emptying the trash cans, but marveling at the power of the human emotion of greed.
Asia is finishing up down around 2.5% Europe’s futures indicate they will open down about 3% (London is 5 hours ahead of New York). US futures are also into -2 to -3% range. It’s not going to be a pleasant day.
The FDIC normally seizes and shuts down banks on Fridays in order to switch ownership of the accounts over the weekend. Bank stocks were hammered very hard yesterday. Might another of the “Too big to fail” banks fall over today?
*** Noon Update ***
Here is who is facing the fire hose of selling today:
Wells Fargo, GE, Goldman Sachs, JP Morgan/Chase, Bank of America, Citigroup
Tags: stock market