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 (NYSE:BAC), Morgan Stanley (NYSE: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.
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