The Dow fell over 150 points today, dropping below 8,500.
All day the chatter has been about whether this is it; whether the rally started in early March has finally fizzled out. Just the fact that everyone’s talking this way, assuming that it must be running out of gas tells us it could go plenty higher.
On the other hand, most of the news is still crap. Unemployment, housing and bank balance sheets are still a wreck. And there’s still no industry on the horizon that’s going to provide steady, family-building middle class jobs on any scale.
Big losers today were the banks, as names like JPM (JPM) and Bank of America (BAC) fell over 7% after last week’s crazy stress test-week related action.
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