635 points drop in Dow Jones index was not expected though the Friday closed with lot of discussions on European economies and most importantly S&P's downgrading of US debt rating to AA+. S&P dropped the ball so many times so market appeared to know them better. Throughout today, market was buying US treasuries and gold as a safe haven ( read not the treasuries from AAA rated sovereigns) and that made me believe that market is going to stay at a 300 point loss levels. But appears the market sentiments are now driven by something stronger than S&P rating .
So those who stay invested can now watch whats going to unfold in a few days. Bank of America and Citibank are battered for no reasons. May be its better to book the loss tomorrow and hope to buy it back cheaper later.
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