The Peter Ships Show.

Very, very weak day for the stock market, particularly the way it closed.

So it doesn't bow too well for tomorrow.

The Dow was down 457 points.

In fact, about 57 points to that was added in the last minute of trading.

So we had a lot of stocks that just closed on the lows of the day.

The weakest segment of the market all day continues to be the financials.

And I have been pointing that out on this podcast.

You know, if the financials are this sick, I don't see how anybody could think the economy is

healthy. Look at Wells Fargo again today down another 3%, but more importantly, it's at a new low.

It closed at 2404, 4 cents off the $24 low.

But we've now taken out the March low on that particular stock.

But the broader index, the regional banks, they were down 5% on the day.

So this again is indicative of just how sick this economy really is.

And anybody who thinks we're going to get this recovery, this big V-shape is completely

a dream and there's no way that's going to happen.

It's just not even possible.

But I think that V-shape narrative was pretty powerful in helping to fuel that bounce that we

had in the stock market, that bear market rally, which again continues to look more like it's over.

And we're now going down once again to either retest the lows or potentially take out those

lows. And we'll see what the Fed is willing to do to try to prevent that from happening or

make sure that at least if we do retest the lows, that the retest is a success.

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