A brutal, brutal day for the bulls. The bears cleaned up as they shorted any sign of a rally. Market bredth was the worst I can remember: 27 million shares traded up, 1.6 billion traded down. Almost 3,000 stocks were down, 187 up. Brutal.
That seems to be the norm right now. Have no idea if we get a turnaround tomorrow. And with doubt we probably get further declines.
Transport index weakest of all, down 8%. YRC Worldwide, a major trucker down 23% to $1.80/share. In July it was over $22. A weak transport index foretells poor demand on shipping as nothing gets bought and nothing has to be delivered.
Slaughtered stocks are everywhere but Citi stands out: down 23% to $6.40/share on 340 million shares. Average volume for Citi over the last ninety days has been 38 million a day.
Absolutely brutal.
