We're looking at 8% declines in the Nasdaq and S&P right now. The Dow is down 700. Absolutely brutal. The Nasdaq may close below 2000. The name 'Black Monday' is already taken twice, but this day will deserve a name. Mike Pence Monday?
One of the contributing factors is that mutual fund managers have to report their holdings at the end of the third quarter -- that's tomorrow. They fear that if they send out a letter to investors that says that they're holding some kind of distressed bank stock, investors will be pissed off and pull their money out. So some of them are madly dumping their losers.
