Massive sell off, despite White House effort on saving the citi bank, converting their prefer holding to common shares. At early on, every bouncing turn was met with sell off, huge put buying from s&p futures. Market broke all new lows. Later after noon AIG 60bn lost sealed the fate of new lows on the market, no bounces. There might be more sell off, and more government attempt to save the market tomorrow. Mood is very grim.
Monday, February 23, 2009
02/23/09
Massive sell off, despite White House effort on saving the citi bank, converting their prefer holding to common shares. At early on, every bouncing turn was met with sell off, huge put buying from s&p futures. Market broke all new lows. Later after noon AIG 60bn lost sealed the fate of new lows on the market, no bounces. There might be more sell off, and more government attempt to save the market tomorrow. Mood is very grim.
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