1) We swear, saw this exact same screen about one year ago today.
2) “High-beta financials” is just a politically correct euphemism for trash stocks, as we call them.
3) Pisani keeps hinting at “rumours” that aren’t worth dignifying by addressing them, as being the cause of today’s downturn. Anyone have any idea what he’s talking about?*
*Udpate: A tipster lets us know that Doug Kass just wrote on real money:
High above the Alps, my gnome is hearing of a large and unexpected bank default.
I haven’t got a clue whether this rumour is correct.
He also hears that higher margins on leveraged ETFs are being considered by the authorities.