What happened today to send the markets spiraling downwards? Unlike the vast majority of financial pages, I'm going to go out on a limb and say I don't know. There wasn't any particularly awful piece of news on Friday or today, except maybe Capital One's announcement that a shocking 9.4% of its credit card business needs charge-off. (Shocking . . . but surprising? Not exactly).
Maybe the lesson is that the markets need a steady stream of good news to keep from sliding backwards. Or maybe everyone was just crabby and hungover. I'm wary of too many generalizations from one bearish day.