Just opened his January statement
The market hot throttled today as Europe led the charge to the downside. European banks saw yet another day of pain and many of their major indexes closed down 2.5% or worse. Greece led the move lower with a drop of 6%.
The dynamic pummeled shares of big global banks and European markets with close links to Chinese growth. Deutsche Bank shares fell 9.5% in Germany, dragging the DAX index to a loss of 3.3%.
The China markets are closed this week but that didn’t stop the liquidations. The Dow fell as much as 401 points before closing with a loss of 177.92 points. The end result didn’t look that bad, but the initial selloff was brutal.
Two energy companies posted the biggest losses in the S&P 500: Natural-gas producer CHK fell 33% and was forced to issue a statement saying it has “no plans to pursue bankruptcy” following a report that intensified such fears. Williams Cos, a pipeline company that does business with Chesapeake, fell 35%. These stocks are a mess and are to be avoided at all costs.
Today’s SPX low is your support.
See you in the morning.