Europe Is Getting Clobbered, Dow Off 140, S&P Streak In Jeopardy

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Photo: US Navy

ORIGINAL POST: Finally!Real selling

European markets are getting clobbered today.

Both Germany and France are off 2 per cent.

Italy is off 2.2 per cent.

Dow futures are off 115, and S&P futures are down over 1 per cent.

If the S&P 500 ends down 1 per cent at the end of the day, that will be the first loss of that size since late December, ending a big streak.

Finally, something interesting is happening in the market.

As for news, well … there really isn’t that much.

There are headlines out of Greece about how they will probably have to trigger the Collective Action Clause to force a bondswap, which will likely result in CDS triggering.

And the news out of China — that it’s slowing its growth objectives — continues to reverberate.

There’s not that much new out of Iran for gas or oil, and in fact oil prices are down a bit.

UPDATE:

The market is open, and stocks are getting smoked.

The Dow is off 144.

The S&P is off more than 1 per cent.

Gold is getting hammered, losing another 30/oz.

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