The first hour has been brutal. Mining stocks vie with banks as biggest loosers. Citi off another 14%. Spanish stocks being crushed as the threat of the loss of AAA debt rating. Under Armor and Bunge down about 15%. UBS off 8%+ as one their ex-executives goes AWOL from a court hearing. GOOG, GE and GS all down from 3% to 6%.
Should you be convinced bank stocks will continue down you could use SKF. This inverse bank stock ETF is up 10% already today to $140 but a long, long way from it’s 52-week high of $303.
Unless they rally here, and soon (!) we could be back to the same old, same old.
