Tomorrow is going to be a bad day on Wall Street. A week ago, on Monday and Tuesday of last week, it was noted somewhere (and I can’t remember where) that the market was 500 trades away from a 4,000 point loss. That is a massive crash.
The market rose today on optimism about a potential bailout. But the markets were closed when news came that McCain and House Republicans scuttled the deal with the idea that the market needed less regulation and more corporate tax breaks. Add to this the news that Washington Mutual has just failed.
Tomorrow will be a very bad day.