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Rainy Days and Mondays: Dave's Daily

Even though important ISM Manufacturing data slightly beat expectations everything else about trading on this Monday fit our headline well. Stocks continued to sell-off hard on a lack of confidence emanating from Europe (Greece...again) and very worrying declines in Bank of America (BAC), Morgan Stanley (MS) and, just for good measure, American Airlines (AMR). The price action continues to send a message another shoe, or pairs of shoes, will drop on investors.

Protests are taking place regarding BAC mortgage policies and their website must be under siege as online banking is frozen. This can only exacerbate the negative mood. The so-called anarchists/communists occupying Wall Street is probably a sign of things to come as conditions deteriorate and competing mobs may confront one another on the streets.

AMR's troubles came out of the blue as rumors of bankruptcy were in the air and the stock was down nearly 35%.

Stocks slid globally and are entering bear market conditions. In fact, most European markets are already seeing bear market conditions as well as some U.S. sectors. The dollar rose on a flight to safety as did gold and silver. Bond prices were also higher while other commodities remained weaker including energy and base metals with only grains exhibiting some strength.

Volume was much higher than previously and it's not surprising given mutual fund redemption requests no doubt accumulated over the weekend. Breadth per the WSJ was no doubt a 10/90 day.

ETF Digest subscriber and pal David Hurwitz provides even more detail below:


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