Pain across the tape. No where to run, no where to hide. Financials getting absolutely pulverized. Apple taking it on the chin. Most tech stocks getting short roped. McDonald's and a few oil guns are holding up the Dow, but the scene is bloody behind the tape.
http://www.bloomberg.com/apps/news?pid=20601087&sid=atLO.8bAQIQA&refer=home Fed, 17 Banks Agree on Changes in Credit-Default Swaps Market June 9 (Bloomberg) -- Regulators and 17 banks that handle about 90 percent of the trading in credit-default swaps agreed to changes aimed at easing the risk of a collapse of the $62 trillion market, the Federal Reserve Bank of New York said.
That's pretty insane. I have a hard time comprehending those numbers, nor the damage they'll do to G_d knows who if the value (who knows what they may be) behind them erodes further. I am finally getting a glimpse of Buffet's 'weapons of financial mass destruction' reference when talking of CDOs.
"Bernanke says risk of 'substantial downturn' in economy has falllen Forbes" this could only mean one thing: we are going DOWN! maybe after the overextended VIX works itself out and puts people's fears at rest.
Big, flashing red signals here, as 20, 50 and 200 DMAs are being violated. BIG BALLS! YOU GOT 'EM? YOU'RE GOING TO NEED BIG, BIG BALLS!!! <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/SkIryQ6Paqg&hl=en"></param><embed src="http://www.youtube.com/v/SkIryQ6Paqg&hl=en" type="application/x-shockwave-flash" width="425" height="344"></embed></object>