While I was enjoying some of the stars of tomorrow at Seedcamp 08 , the rest of the world was in major meltdown.
Following on from last week’s suggestion that we weren’t near the bottom, the market has well a truly spoken: ‘We aren’t’.
Today’s grim reading in this 1 day heat map from FinViz. Every equity in the S&P500 is down, with the exceptions of Coke, ACE Insurance, a freight company and two utilities. Merrill Lynch, with a buyout offer which started the day at a 50% premium, closed out just positive for the day as BoA’s stock tanked (down 21%). A relative value trade would have pulled something out of that announcement.
The reading over a year looks especially bad. Sector after sector, with the exception of the defensives, healthcare, utilities and consumer staples, have been hammered down.
Not out of the woods yet.