Total bloodbath. SPX down 6.5%
Glad I stayed out of the market. Gold and treasuries basically the only two things up. Financials got smoked with BAC and C down 20%. XLF down 9.5%.
The levels I was looking at this morning: 1168, 1150, and 1129. Once we broke 1150 I tweeted about the lack of support below and half joked we would test 1129. We not only tested it, we semi crashed through it, hitting a 1119 low. This move felt like the capitulation everyone was waiting for so I expected the start of a relief rally. We bounced hard only to be met by more very aggressive selling, closing at the low of the day.
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