No where to hide except bonds. Treasuries soar, and even TIPs, in the face of benign inflation, are up modestly.
Quick, guess the price of Saks. $3.
Quick, guess the price of Citi. $7.65.
Bank America? $13.82. And even after a 50% dividend cut is back to yielding 8.4%.
Hartford Financial? $7.
General Motors preferred shares as well as bonds down anywhere from 15%-20% and yielding between 4%-50%. Not a typo.
On the NYSE 37 million shares are upticks while 410 million shares are downticks.
Short something, anything.
