The selling is heating up towards the close.
What I am seeing:
August Crude down to 62.35 - Breaking 50 DMA....Which is leading to:
-Slaughter in the OSX - Oil Field Services Index
-Sell off in XOI - Amex Oil And Gas Index
-Sell off in XNG - Amex Natural Gas Index
Banks are trying to hang in there in the midst of RMBS/CMBS Tranche Downgrades from ratings agency Moody's.
Can we really take S&P seriously with their banking sector upgrade today? Completely shameless.
RISK TRADE IS OVER
http://tradersutra.blogspot.com/2009/07/risk-onrisk-off.html
Bonds are Rallying.
Yields are Dropping
Dollar is rallying
Not good for the equity trade.
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