3:30 pm ET: The major averages continue to slump as the SPX enters the Sell zone. A rising VIX is reflecting the increasing bearish sentiment. The good news is that the Dow Transports is bucking the trend as trucker JB Hunt (NASDAQ:JBHT) beat revenue estimates. However, the transports won't be able to hold up for long if it appears that the economy is slowing down.
The biggest losers today are the commercial banks whose profits are being fettered by increasing government regulations. Issues breaking down include East West Bancorp (NASDAQ:EWBC), FirstMerit (NASDAQ:FMER), TCF Financial (NYSE:TCB), and Webster Financial (NYSE:WBS).
Not much else of note to report. Enjoy the fall foliage!
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