If I am not mistaken this news was already out today and in the face of this negativity and the fact the finanicals had a bit of a rally is actually a good sign for the markets. Why would I say a good sign for the markets? Well, during a bull market, good news is good news (better earnings) and bad news is good news (lower interest rates). During a bear market, good news is bad (higher interest rates) and bad news is bad (worse earnings). It is not the actual news, but the reaction to the news that we need to pay close attention to. AND bad news into rallies is actually bullish. SO for the financials to pull of a bit of a rally today in the face of this bad news is actually good news. What? Is this confusing? My only caveat and somewhat of a concern is the apparent lack of volume. And in reality nothing realy applies should volume not confirm the action. SO, what am I saying? Well, let's see what tomorrow brings. Fasten your seatbelts....