Monday, September 29, 2008

Everywhere Dead Bodies

Bombs exploded everywhere. Naz down 9.14%, sp500 down 8.79%, dow down 777. financials took the worst hit, as was to be expected when the ground drops out from under a sector. xlf down 13.18%, some individuals down much more. my boy ntrs down close to 20%.

no one was safe. pot down 15 pts, agu 10, mos 12. oil streaked down 11%. The terror stalked from sector to sector. goog down 11%. bidu 11%. end of world.

the grim grizzly bear reaper slit the bull's throat and paraded its corpse around wall street. then it strangled all the sheep with lengths of entrail.

while the US congress was the catalyst for today's decline (vote ended 13:42:00, take a look at ze chart), the fact of the matter is that declines like this are largely endogenous events with exogenous triggers. The congress rejecting the senate bill was outside the market, in the political environment of an election year. That catalyst found a vulnerable market; punch drunk, bleeding, and reeling with the failure of wachovia.

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