Markets are selling down as inflation is finally being recognized as a problem for the markets. All they had to do was ask us… LOL
Meredith Whitney, an analyst for Oppenheimer who has broken from the mold and been speaking out about the banks, financial institutions, et. al. and how they will suffer. She has been making some very good calls on dividends and other capital raising requirements of banks and proven to be right when her peers were pumping the stocks (Dick Bove).
This morning she says:
“The real harrowing days of the credit crisis are still in front of us and will prove more widespread in effect than anything yet seen”
We have no disagreement on that point at all, we have been saying this for a long time.
MARKET INTERNALS UPDATE AT 12:00PMET
- NYSE volume 465M shares, about 27% below its six-month average; decliners lead advancers by 3.1:1.
- NASDAQ volume 870M shares, about 3% below its six-month average; decliners lead advancers by 2.1:1.
Volume levels today are still below the six month running average, however they are higher than on the recent up days. So the volume is stronger here on this sell off. And it appears to be picking up steam as the day continues.
