The market - U.S. stocks and especially financials - got pounded yesterday. The financials have had a big move up from their recent lows so it's not totally surprising.
Barack Obama gave a Kennedyesque speech yesterday in Berlin. That is surprising. He's not the president. He's not John F Kennedy. What the hell is he doing in Berlin? Why does everybody care so much?
A smart guy I know was speculating yesterday that Obama was the reason for yesterday's sell off. The better he sounds, the more popular he gets, the more real the idea that he will be the next president. The market weakness could be reflecting how bad his tax policy will be for American business.
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