After yesterday’s 5% squeeze it seemed like most thought we were out of the woods for a bit and that a 50% re-tracement of the downdraft was in the cards. Markets spooked by debt crisis spreading to France, I am not sure how this can be a surprise to anyone that Europe is still a problem, I guess though it says more about the state of investors today, short memories and manic.
A Few Things Sticking Out To Me Today In Our Markets:
DIS down 11% following earnings and guidance making 2 year lows.
RL which sold off close to 22% from the recent highs in July is up almost 8% this morning following better than expected earnings.
GLD goes up whether the market goes up or down.
AOL may finally be going the way of the dodo with the stock down 50% in a month.
Crude holding 80.00
ONE OF THE MOST IMPORTANT THINGS FOR THE MARKET TODAY IS THAT THE BANKS DON’T BREAK YESTERDAYS LOWS. IF THEY DO WATCH OUT BELOW, IT WILL FEEL LIKE 2008OVER AGAIN.