Tuesday, May 25, 2010

Mini Crash In Progress

No sleep for me tonight. Markets right now are down over 250 DJIA point or 33 S&P points. That is over 3%!!! That would be the biggest down open since this whole thing started. We are below 1040!!! If we really open below 1040 there is no telling where we go. 1010 maybe? Don't know. Euro broke below 1.22 and sure enough Spain went down more that 5% matching the etf move I mentioned earlier.

Squawk box just started and the talking heads seem totally lost. They don't understand why one bank failure in Spain would mean so much. I spent some time today (yesterday) looking through it and thought the markets were under estimating the impact.

It will be really fascinating if we open below 1040. WOW, interesting world.

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