“Everyone has a plan until they get hit” – Mike Tyson
The market opened a can of whoop ass on traders yesterday. Yes, the market can go down and it gives no warning. It will pour vinegar down your throat when you’re thirsty and it will pour salt in your wound when all you want is a hug from mama. The Apple ‘miss’ started it off after the close Monday followed by a couple of other earnings shortcomings.
The Big Kahuna was yesterday though, as Big Tobacco….I mean the financials, got hammered. Bank of America Corp. has been hounded for months by demands to repurchase billions of dollars in home loans backing mortgage securities. On Tuesday, the Federal Reserve Bank of New York emerged as one of the sources of this pressure.
The only sector that will be hiring is the legal profession and the firm of Dewey, Cheatem and Howe are running ads. The beat goes on.
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Wednesday, October 20, 2010