BLOODBATH

Today was a bloodbath, if you will. Bad news came from the likes of along the lines of AMD, sinking home sales and another confidence blow to Tim Geithner.

Only telecom managed to avoid total carnage.

The big loser was the NASDAQ, down 2.67%, but the Dow and S&P500 didn’t fare much better, down 1.21% and 1.95%, respectively.

The few stocks that were up included sodas with Pepsi Co. (PEP) and Coca-Cola (KO), along with the stores like Target (TGT) and Walmart (WMT) that carry said soda products — basically, it’s a return of the un-rsk trade.

Tomorrow will see the release of the Employment Cost Index, Personal Income and Consumption Expenditures, Consumer Sentiment Index, and Chicahgo Purchasing Managers Index. If these reports beat expectations, the Bulls may actually come out of hiding this week.

 

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