Markets fall in late day selloff

Markets sold after after the first couple of hours. At the high Dow was up over 100, then it sold off 200 to finish down 46. Decliners were ahead of advancers 2-1 & NAZ was down 12. Yesterday featured strong volume, today was only average as reality kicked in. Banks led the charge down. Bank of America (BAC), a new member of the Dow, was down 69¢ along with the rest of the group. Wachovia (WB) was down 1.73 as it defended it's purchase of a Cal mortgage lender. Even Thornburg (TMA) pulled back 40¢ from it's midday price. The volatility index remains in very high territory, gaining .86 to 27.22. The Alerian MLP index dropped back to 281, the low level from a couple of days ago & very near the low end of it's trading range over the last 8 months. Meanwhile NY oil closed at 109.95 & gold was 978.80. The long Treasury bond had an excellent day gaining almost one point bringing it's yield down to 3.48%.