As has happened many days, US markets stabilized as soon as Europe closed at 11:30am ET.
Regardless: it was a poor showing, despite a modest rally into the close, with 8-1 declining to advancing stocks, and more than 90 percent of the volume to the downside.
The high beta sectors hit the most: financials, materials, industrials and tech.
All major indices in U.S. and Europe UP this week despite today’s poor showing.
For the week:
Germany up 6.0 percent
France up 5.0 percent
Spain up 3.0 percent
UK up 2.7 percent
Greece up 1.7 percent
Still expecting an announcement on new circuit breaker rules from the SEC early next week. Debate seems to have narrowed; participants tell me that the individual stock circuit breakers would likely kick in if there is a 10 percent drop in the individual stocks in a 5-minute period. This would create a 5-minute "pause" in trading, which would be honored across all stock exchanges.
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