Stocks fell sharply. Dow was down 277, decliners over advancers 3-1 & NAZ pulled back a whopping 61. This was one brutal day in the markets. The Treasury bond yield declined to 3.70% (plenty of buyers for those bonds) but gold pulled back below 900. Everybody is betting on when the recession starts, some say it already has.
One of the biggest stories was Citigroup's (C) $10B loss. A bullish scenario following would have been a huge sell off followed by a rally in the PM signalling the worst was behind us. That didn't happen, stocks were near their low at day's end. The next couple of weeks will give us a lot of earnings reports, many gloomy.
After the close, the much awaited Intel (INTL) results were posted. It looks like they "made " the estimates but margins were a little weak. The gut, instant reaction was a sell off over 10%. That will probably drag down the Asian markets, opening in a few hours, which will set a negative tone for tomorrow's trading. VIX (volatility index) remains high. Get ready for another bumpy ride.
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