The market dropped after the Fed's "Operation Twist" announcement - buy more long term bonds (ie mortgages). That's all you need to know about the state of the housing market and the banking sector's inability to heal itself. Doubt the GOP's pompous letter to the Federal Reserve affected decision-making. The last thing you want is a Fed that succumbs to political pressure. Greenspan did that with regularity and look where that got us.
One financial stock I've been watching with great interest is Bank of America, so here's another follow-up. I personally own just one share. I owned it for the purpose of tracking it, but now wish I didn't own it. I haven't sold my one share because it would cost me more to sell it than for the stock to go to $0.
Here's a gold chart. Rumor has it that funds are liquidating their gold to raise cash (margin calls). Gold looks a bit broken (silver is really broken).
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-R
