Wednesday, August 10, 2011

The worst day since you last saw sad traders with their head in their hands

The concerns in the market were varied but it seems that two issues keep resurrecting themselves: how sound are the US banks and what's really going on in Europe?

The US banking issues seem to be focused around Bank of America right now and their conference call this evening seems to have calmed the market a bit. The Asian markets are still mostly down but they've trimmed their losses as the US futures have stabilized. This could completely shift again by tomorrow when Europe jumps to the forefront again.

Regarding Europe, I think we're all flying by the seat of our pants. For some time there has been concern that one or more French or Italian banks could be in trouble. Many of these stocks have had a difficult time staying open - every time they open they seem to gap down.

One thing, I will say, market crashes are great for bloggers. Traffic is up about 200% this week.

Look for more detailed info tomorrow.

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