Bloody Friday

In London, Goldman Sachs is down 20% ($81) and Morgan Stanley is down 30% ($8.70). Both are now well below the lows of the panics of the 17th and 27th, before the bailout package and before either had access to the Fed’s lending window.

In other words, “let me out God, and I promise I’ll never buy investment banking shares again.”

The print version of the New York Times had a great graph of the way the market has sold off in the last hour of trading Tuesday, Wednesday and Thursday. Nobody can bear the overnight risk.

Odds are the entire trading day is like those panic hours.

A brave (or reckless) buyer at 3.30 PM might be nicely rewarded Tuesday morning… if the world survives the long weekend.

UpdateTurns out I was wrong about Monday being a bank/trading holiday. But the prognosticating was decent.