One of the few bright spots: the CBOE Volatility Index (VIX) moved over 30 today. The good news is that each time it crossed that line--in January, March, and July--we saw market bottoms. The bad news is that each time the rallies did not hold.
While financials were the focus, the decline in energy and material stocks was also brutal, with double digit declines in coal companies like Massey (down 13 percent), refiners like Valero(down 12 percent) E&P companies like Anadarko (down 9 percent), large oil service farms like Schlumberger(down 4 percent).
On concerns that commercial real estate assets may decline, we also saw double-digit declines in big construction and engineering firms like Shaw,Fluor, and KBR.
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