There is a lot of news getting investors nervous. Fighting between Russia & Georgia led to closing a pipeline sending oil up 1½ to 116. The Alerian MLP index is up 1 to 263, still flirting with its yearly lows.
JPMorgan (JPM) lost $1½B ALREADY in Q3 from credit crisis problems, stock down 2½. Obviously, financials are weak, can't get back to that 302 recovery level achieved a couple of weeks ago.
S&P 500 FINANCIALS INDEX
| Value 289.95 | Change -9.62 | % Change-3.2% |
Tomorrow July retail sales are due, they should be glum. Also, oil has not been the only commodity to pull back in the last few weeks. The entire commodity complex, grains, metals, etc. have all pulled back sharply from their peaks. However like with oil, prices remain at high & troublesome levels. Inflation threats & worries remain.
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