Stocks Down on Spailout News (Again)
Stocks fell hard this morning and are trying to recover as the market processes the news that Spain is out of money. At this point who really cares but the Bears are out in full force preying on volatility and fear of a market collapse. The iPath S&P 500 VIX ST Futures ETN (VXX) is up 8% today and is the weapon of choice for traders.
If you haven't lost interest already the market is down because Spain sucks. The euro has once again hit bottom and Spain needs money fast. Spain is the 4th member of the EU that needs a quick loan or 'Spailout'.
Investors sold off assets viewed as riskier and fled to the perceived safety of U.S., British and German government debt and the U.S. dollar as the concerns about economic growth and the plight of Spain drove investment decisions.
The winning trade for the next 15 minutes is the VXX, here's a look:
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