DEATH SPIRAL

Some many stocks are in a death spiral. If you watched any of the banks yesterday you certainly could see that the end was near. But some rays of hope for the overall market that have arrived this morning. Stock futures have turned higher now as the Swiss have cut interest rates by 100 basis points! So at least we have a reserve bank concerned about chocolate, cheese, and cukoo clocks. Then ala 1990 we have the Saudi Prince upping his stake in Citigroup. That marked the bottom in banks then. MLPS meanwhile have dropped to levels i think even the most bearish among us did not expect.

Now we have the open. I had a computer crash to deal with so since then markets clearly have turned south and we have taken out the October 10th lows. The dow is down 150...mlp index down another 9 at 163.