The financials are leading this market down. We have some of the biggest losers in the financials, J.P. Morgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), Citigroup (C). In fact if you look at these charts, these are among the weakest charts out there. And you would think that if the Federal Reserve is continuing to taper and the economy is not as strong as people thought, that should be bad for the financials.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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