With the US downgrade the stage was set for a crash. The only question was how successful the Plunge Protection Team was going to be. It seems the global credit contraction overwhelmed coordinated effort to support the market by G7. Market forces rule the day on Monday as the market tanked all day closing near the day low.
The sell-off should continue on Tuesday unless the Fed announces major money printing scheme (QE3) tomorrow (Tuesday).
The sell-off should continue on Tuesday unless the Fed announces major money printing scheme (QE3) tomorrow (Tuesday).
