Nothing moves in construction without insurance. Nothing will move at all in credit/financial markets without insurance...bond insurance is becoming suspect of being a financially imcompetent vessel. Commercial paper is heading south. ABX is essentially dead. Credit card crunch pending, CDOs crunch now emerging. Unmasking of hedge holdings being demanded ($20 trillion to be unmasked soon)...Citigroup still has about $55 billion to cover after the $11 billion talked about today....think I will have an RC Cola and a Moon Pie.
I think it was the the 1987 blip that resulted in a 50% bounce in financial stocks.
Waiting.