The Dow Industrials Index is down over 600 points from its 18,051 (futures) intraday record high on Boxing Day (12/26/14). Today's 275 point drop below 17,450 is now over 500 points lower than the New Year's Eve highs as energy (oil plunge gravity) and financial (oil exposure, low rates, counterparty risk) names catch back to gravity.
Broadly ugly…
As Energy and Financials roll over…
Seems like US financials credit spreads started to diverge as oil collapsed… and counterparty risk concerns bleed in…
As we initially noted here…
And fully exposed here.
