I talked to a couple of investment bank desks from Europe, US and Asia (Singapore, Hong Kong). Most of the damage done by over leveraged investors. Pension funds and insurance funds sitting it out. Some large institutional investors even naming it "ridiculous" sell off. Let´s see.
I think it's ridiculous, unlike 2008 where earnings were lackluster our last reports were phenomenal, with nearly 75% of the companies beating and providing positive guidance. Aside from certain financials, like BAC, our SP/Dow companies are sitting on a crapload of cash. I say it's a buy below Dow 10,000. FoN