Nothing could hold the sellers as most everything turns to red, led by tech.
Banks putting on a valiant fight but cannot figure out why government ownership is good for Citi.
Continue to pare down positions by selling IBM.
Thinking they go lower I added to TWM, the inverse ETF.
Traders are saying GE will lose it’s AAA rating as common ducks under $9/share. Dividend reduction is next and could be a catalyst for further market erosion.
The lowest market forecast I have heard recently calls for the Dow to fall to 5300, a full 2000 points lower. The forecaster is no fool, BTW. That is pretty Draconian, I admit but I like the source.
I have tightened stops on remaining long positions.
