The S&P is down 3.7% in the wake of the swearing in as bank shares continue to tumble. Fears of dilution as well as the need for billions in fresh capital if banks sell their bad debt to the government at very low prices continues to plague that sector.
EUR/USD has fallen to fresh session lows in the 1.2870s with little relief seen in sight for the euro. EUR/JPY is sliding as well, dipping below 116.00. 115.85, the December 5 low is next support with the October lows of 113.60 the next stop if 115.85 is broken.
