Wow, it’s amazing how quick the feel can change. This morning we were marveling that a talking head on CNBC Europe was sick of the term “green shoots.” And by this afternoon, Maria Bartiromo was saying that she never believed the green shoots in the first place (sure).
Pretty much everything tanked today, as both the S&P 500 and NASDAQ were off more than 3%, right near the lows of the day. The S&P 500 ended at 893, blowing through the 900 mark. The Dow did a little better, only losing 200 points, or about 2.35%.
Meanwhile the banks, which have been pretty snoozy lately, actually participated in the selloff. Bank of America (BAC) was down 9%. JPMorgan (JPM) and Morgan Stanley (MS) were off about 5%. Yes, it looks like the banks might be ready to move again.
(Ed note: We won’t say anything about the “Weisenthal Top”; maybe after a few more days of this…)