No place to hide.
That’s about all I can think right now.
Materials related stocks are getting it on the chin today and are down as a group by nearly 5%. With the exception of oil which is hitting $107 per barrel, it’s pretty ugly out there. Even the defensive health care sector is down today, declining about 1.5%, nearly as much as the financial sector.
Even untouchables like New York Governor Elliott Spitzer are coming back to earth today, in his case due to his personal involvement in a prostitution ring, just revealed. While Spitzer did a lot of good in exposing some of Wall Street’s worst practices, he also went way too far on many occassions, earning many enemies during his march to the Governor’s mansion.
Come uppances are always toughest on the market’s once brightest stars. The aftermath, however, can often be quite painful for everyone. Black holes don’t discriminate between the healthy and the sick.
They just suck.
This will all be over soon. And in the morning, there will be new stars worth chasing.
