gotta love the news - we'll see if my short term low comes in...

gotta love the news - we'll see if my short term low comes in tomorrow. a hit of my downside target of 850-60 would be nice as well. :)


CIT Group Fights for Survival

The Wall Street Journal leads its coverage this morning with news that CIT Group, a venerable if low-key financial institution, is on the brink of collapse and is scrambling to survive. CIT executives have been liaising with regulators and members of Congress because they fear small and medium business customers - its core clientele - may cause a run on the bank following news reports that CIT has "hired a prominent law firm to prepare for a possible bankruptcy filing after so far failing to get additional government assistance," the WSJ writes. CIT lends to nearly a million small and medium-sized businesses and so it "is an important test case for the Obama administration [as it] gives indications of the government's willingness to get involved with financial institutions that aren't deemed as too big to fail, but that play a significant role in the economy," the paper notes.

http://www.reuters.com/article/bigMoney/idUS60510168320090713