Market Meltdown, VIX Spikes, Wells Fargo Extreme
Stocks melted down today with selling accelerating into the close despite very positive numbers from the manufacturing front. As one would expect, the fear index VIX spiked higher as investors scrambled to purchase derivative insurance against further declines. Extreme volume in Wells Fargo Put options may signal that traders are fearful that the financial sector is totally overextended with imminent further losses. The DJIA plummeted -185.68 to 9310.60, the tech heavy Nasdaq -40.17 to 1968.89, and the broad based S&P 500 dropped -22.58 to 998.04.
Bank of America
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PowerRating): Led the DJIA lower by falling 6.25% or $1.09 to $16.50/share after stating it plans to repay the TARP funds.
Verizon
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PowerRating): Dropped 2.16% or 68 cents to $30.37/share after being downgraded by Auriga to “hold”.
Rambus
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PowerRating): The computer chip maker fell 15.49% or $2.95 to $16.15/share after an anti trust suit was delayed by the court.
Coach
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PowerRating): Ironically a Bank of America upgrade to “buy” sent shares higher by 2.12% or 60 cents to $28.89.
Oil fell $1.91 to $68.25, gold added $3.00 to $956.50 and the VIX fear index spiked 12.07% to 29.15.
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