Friday, February 20, 2009

Weekend of Doom?

The Dow gapped down 200 points on heavy volume this morning and is weakening every minute. Citibank is under $2. The banks are taking a pounding. Is this the reckoning? Are we looking at S&P 500 at 500 by Monday? Is Nationalization upon us? This just feels big.

Funny how all americans seem to know the banks are insolvent, but the markets still value them at even $1. Betcha that won't be the case anymore come Monday...I wonder how many banks will be gone...Citi, BofA, both under $4. That's two Dow components for goodness sake. Wells Fargo under $10. Who am I missing here?

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