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Market recap: Alarm over Italy's surging borrowing costs sparked a stock selloff that completely...

Market recap: Alarm over Italy's surging borrowing costs sparked a stock selloff that completely reversed gains of the prior two days. The slide took all 10 major sectors into the red, with financials taking a big hit: MS -9%, GS -8.2%, JPM -7.1%, JEF -10%. In a flight to safety, traders rotated into the dollar, and Treasurys moved higher. NYSE losers led gainers seven to one.
Comments (10)
  • Red pixels all over the screen. Bloodbath. http://bit.ly/u3Y9aj
    9 Nov 2011, 04:17 PM Reply Like
  • I don't recall ever seeing anything like that, pr.
    9 Nov 2011, 09:55 PM Reply Like
  • Hey, where is big mouth,know it all Doug Kass today?
    Going short Doug?
    It's a bitch when one day puts a bunch of egg all over your face, right Doug?
    Be humble next time and drop the holier than thou attitude!
    Risk is clearly to the downside. Italy is not Greece and this is going to spiral out of control quickly. Even Gold was sold and the margin call's are not even going out in earnest yet!
    Hey Doug, care to comment on my comment?
    Jerry
    9 Nov 2011, 04:35 PM Reply Like
  • Why is Italy not selling some of its Gold, they are the 4th largest owner of gold w/ 2400 tons ? It would help them big time dealing w/ their debt, wouldn't it?
    9 Nov 2011, 04:56 PM Reply Like
  • I think they will use it: sell it or put it up as collateral for financing. That's about 8% of their total debt and 10% of GDP.
    10 Nov 2011, 09:11 AM Reply Like
  • 152 Billion dollars worth of gold....hmmm...and Italy's debt is how much? (2000 lbs per ton; 16 oz per pound; $1500 an ounce). Chump change to a socialist. :) Hope I did my arithmetic right. :)
    9 Nov 2011, 05:33 PM Reply Like
  • A word of warning to investors this crisis is not priced in to the markets even after todays declines.
    9 Nov 2011, 05:38 PM Reply Like
  • Positive Equity...
    No two ways about it!
    We are looking at the waterfall dead ahead and there is nothing to be done but get small, get safe and let the mo-mo barracuda's eat each other while you laugh your ass off from the sidelines!
    Jerry
    9 Nov 2011, 05:57 PM Reply Like
  • Why are the yields up now all of a sudden? Their banking and economy sucked before so why did people stop buying their debt now?
    9 Nov 2011, 09:51 PM Reply Like
  • Anyone else notice that the entire market since the late nineties is in one massive head-and-shoulders pattern?

     

    S&P 500:
    Apr-2000 shoulder @ 1527
    Oct-2007 head @ 1561
    Apr-2011 shoulder @ 1363

     

    Dow:
    Jan-2000 shoulder @ 11722
    Oct-2007 head @ 14093
    Apr-2011 shoulder @ 12810

     

    I guess the second downside/start of the right shoulder was lower in both cases than the left (making a declining neckline and thus negating the pattern definition), but it still looks ominous to me.

     

    How low will she go if the previous trench for S&P was 683 and for DOW was 6626? And for how long?... Scary times people.
    9 Nov 2011, 11:21 PM Reply Like
DJIA (DIA) S&P 500 (SPY)