Alcoa is laying off 14,000 as it attempts cut costs and get ready for a “lengthy recession.” Saytem slumps 70% as the Chairman resigns and admits that cash was overstated and liabilities were understated. I’m sure the books in China are clean as a whistle though. The flow of Russian gas to Europe through the Ukraine has come to a complete halt just as temperatures plunge across the region.
Although some patterns look interesting I am still waiting for more pain. It’s coming, it’s just a matter of when.