Financials Can't Catch a Break

Just when BA thought they had reached a deal to settle RMBS, the New York AG isn't letting this one go, see the story here at Business Week.


It's not just financials, but the market took a beating in closing trade as Moody's downgraded Ireland to Junk status. From my search on the news sites and looking at volume in both the Euro and the S&P, it seemed to happen around 3:24 today at the red arrow below.

Considering the bombshell which was the hint of QE3 in the Fed's thinking, today really ended badly. It seems 1 or more of these events was known in advance when looking at the 3C divergences and the market's reaction. There were a lot of events unwinding today that made little sense and still would make little sense if you don't consider the information curve and how far we are behind it.