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Drop

That's a bloodbath. Everything is down, even gold is not an exception. I said it yesterday in comments and say it once again: when margin calls come, speculators are forced to sell everything. Nobody cares if they have to sell gold futures in order to have cash.
It's lonely to be a buyer today. But it's necessary: you buy when there is blood on the Street. I opened position in Banco Santander (STD). Yes, I hate banks now. Yes, I think Europe is in very bad shape. But when bank is pushed into 6.6% yield, it's a buy. 6.6% not on preferreds, on common!
I might be wrong. After all, I thought we had a bottom yesterday. But I just don't see reasons for 500 point loss of the Dow, never mind 136 points for Nasdaq composite. Of course, because I still might be wrong, I'm using my cash sparingly.