Stocks Killed, S&P Back To Spring Of '97

The S&P is now back to levels not seen since April 1997. The Dow a few months before that.

All the major indices were off over 3.4% today.

But at least a few of the banks ended up marginally, so that’s something. We’re still waiting on official word of the government’s latest rescue package for Citi (C).

Other good news: We barely heard the term “bottoming process” at all on CNBC today, which means that, perhaps, the bulls have lost all hope. That may or may not be a sign of a bottom.

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