Remember, stocks are for show, but bonds are for dough!
The S&P 500 has just convincingly lost the 2700 level having danced there for several days, crossing that not-so-magical line-in-the sand 10 times just today.
But once breached for the last time, we are now a full -25 points past that.
The various corporate bonds that are sinking and the financial ETFs out of the US and the EU indicate that something serious is brewing here.
One odd note is that gold is just sitting there, doing nothing. I suspect that doesn’t last much longer.
Deutsch Bank (DB) is down 6.5% and Credit Suiss (CS) 4.4%.
Today’s board from finviz.com Quite dramatic.
Only beverages and utilities are green today.