As I have been saying here at The Market Guardian we were at some key support levels and at the bottom of the November lows. The market internals started the day off green and ended very red. A huge loser on the day was General Electric (GE) finishing at $10, YES 10 Bucks! Wow..
Did you guys happen to see Meredith Whitney from Whitney Company talking with Maria? She said that Citigroup (C) is worthless and will go to ZERO.
The falling bank stocks took a toll on the Standard & Poor’s 500 index, which fell 1.2% to 778.94 amid a 5.3% skid in its financial sector. Have you guys looked at those bank stocks lately? That is insane. The Nasdaq Composite Index dropped 1.7% to 1442.82. The Dow dropped 89.68 points, or 1.2%, to close at 7465.95. The blue-chip benchmark had flirted all week with its five-and-half-year closing low of 7552.29, set back in Nov. The Dow briefly dipped under its five-and-a-half-year intraday low of 7449.38 from November. “You just don’t see a lot of conviction from anyone in this market right now,” said floor trader Alan Valdes, of Hilliard Lyons, a New York brokerage. “We have clients right now who will hold off buying a stock for $10 because they figure it will be $8 next week. That attitude is rampant.”
