One More Time

Yes, the financials again, but when the integrity of our our financial system is at risk of going bankrupt on daily basis, it needs to be talked about. The morning started off horribly, rippling from the news that Bank of America was going back to the well, only a couple of short months after they soaked taxpayers for billions. Strong chatter that BAC and/or Citibank were going to become nationalized over the weekend collapsed bids and intensified the selling. The thought of having one of our largest corporations becoming a ward of the state brought fear to the sector. Suddenly we hit a short term bottom and rallied viciously to the upside, only to collapse again before a short covering rally ten minutes into the close.
Bear market spikes are vicious but the sell off proves how tentaive and fragile the market really is. I'd like to welcome all the new readers and look forward to hearing from you in the future. Don't forget to sign up for my feed and the newletter which gets published on Saturday. Thanks and have a great day tomorrow.