Citi trading below $1, GM defends itself against its own auditor and its stock down 18%, Wells, Fargo about to have it’s bonds downgraded and perhaps cut the dividend, Google downgraded due to lower ad revenues, no word from China on stimulus, S&P down 3.5%, oil and oil stocks crushed….it goes on and on. Among commodities gold and silver are up.
Only GE and Wal-Mart have been able to stay green. Other discount retailers such as Family Dollar (FDO) are green as shoppers trade down. However, McDonald’s is off 4%.
Needless to say, this day is a great disappointment.
I am stubbornly keeping yesterday’s purchases. They are small positions and they all have stops and should they go through them so be it. We’ll just drink cheaper vodka. Oh, wait, we already drink cheap vodka. OK, no olives.
We may never experience the cleansing market capitulation. Typically, these are days of humongous volumes and enormous share declines. We may be having mini-capitulation days; like today. The low for the S&P today, so far, is 683. It has got to turn around soon. And silently the man fell dead.
