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July 7, 2008

Financials: Going Down, Down, Down

In looking at the wall-to-wall sell-off in financials today it feels like the market is essentially saying "More than one of you major banks and brokers is going under, so until we know which one, you're all being sold".

How else to explain the undiscerning, heavy selling going on in all of these names on little more than some some Lehman musing about a Freddie/Fannie-related proposed new accounting rule that won't likely come into affect anyway?

[via Finviz]

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