The sleeping giant woke up a few minutes after 14:00 and wasn't happy. Massive volume surge sent the markets into freefall and the stalwart Qs crumbled also. Looked pretty good going into the Fed news and expected skinny volume, but that all changed quickly and dramatically. Qs finished the day on the highest volume of last eight days and given recent behavior that's all you need to know to correlate with down days. Tomorrow we'll see how much of this momo selling was program trading inspired if and when we get a bounce up.
NOTE: Sorry for any misunderstanding about the intent of my previous post. The title was cleverly designed to convey the message: A good time to buy the financials. . .when pigs fly, NOT to convey the idea that now is actually a good time to buy these timebombs.
I noticed that Citi came out with a SELL rating on WAMU this morning and watched with some amazement as it retraced 50% of its overnight gap down. But following the ratings observations of Stephen McClellan as noted in ACTIVE TRADER on an earlier post today. . I figured the odds of this thing imploding were close to 100%. I was not disappointed on that one.