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Bobbys Corner-Open Market-Sept.23,2011

Good Morning:

The overnight session continued to be voiltile after European equities started the day higher-then gave up those gains and then more.
The Euro also showed some strength early on, but those gains were also given up.
European banks are one of the main catalyst for the sell off in the equity markets for the past few days, as investors look to see the status of their balance sheets.
Moody’s downgraded long-term deposit and senior debt rating of eight Greek banks-I guess  that took nobody by surprise.
The G-20 pledged a “strong and coordinated” response to the weak global economy-but that only raised an eyebrow or 2 before it was forgotten.

Oil dropped under $80/barrel and Gold is under $1700/oz presently.

With the global economies in turmoil-lots of talk that we are in or going into a double-dip recession  are all reasons for the global sell off.

Until the markets see some tangible monetary policies implemented, the turmoil will continue.