Credit Fear Is Spreading

The Fed did little to soften the tone. European banks are in the cross-hairs today.

PRE-OPEN MARKET COMMENTS FRIDAY – Often the initial reaction to the FOMC statement reverses overnight. Yesterday the market tried to bounce after the sell-off Wednesday, but that move only lasted 90 minutes. Sellers took advantage of the bounce and they drove the SPY back below the major moving averages. This morning the S&P 500 is down 35 points before the open.

Daily Bulletin Continues...