A Grim Day

Citigroup reported a bleak picture, saying they will need another cash infusion to keep the doors open. No surprise there, but investors still punished the entire market. Citigroup is cutting its dividend, again no surprise. Beware of fat yields on financials. They will surely dry up, as cash needs increase. Markets took this round on the chin. Merrill Lynch and WaMu report on Thursday. Won't be pretty. DJIA -277.04 NASDAQ -60.71 S&P 500 -35.30