Yep. No Santa Rally, Just Coal (While Gold Shines)

by Chris

Be sure to give the receipts with your gifts.  May be a lot of turning them in for cash.

Looks like Munchkin’s ill-conceived efforts to spread calm on Xmas eve backfired.

Who knew?

Who could have predicted that answering a question about bank liquidity sufficiency that nobody was asking (except for those of us tracking GE and DB) would have backfired so spectacularly?

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For the day:

Dow          – 653.17 points

S&P          – 65.52 points

Nasdaq     – 140 .08 points

Russell      -25.16 points

Oil              – $3.06 (-6.71%, to $42.53)

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Out of all of those, the oil crunch is going to bite first and hardest.  There will be a wave of defaults starting in Early January as those weaker players who failed to roll in November and could not secure new funding in December go bust in Janurary.



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