Stocks Hit the Skids

Thus far, I've avoided any chatter about the market but I wanted to make a brief comment on today's slide.

Financial shares have been big winners in recent weeks, but they received a beating today, kicking the legs out of the rest of the market. The Dow Jones Industrials fell about 3.5% and the broader market lost around 4%, thanks in large part to sobering comments from Bank of America about its credit quality. Returning storm clouds and a stronger dollar also depressed oil prices, which approached $46 per barrel.

I'll do my best to stay away from dissecting each wiggle in shares, and I wanted to point out that we've seen a big run-up since the March lows. Consequently, a setback or two is not to be unexpected. But attempting to call short-term movements in stock prices is fraught with peril, and I plan to leave my crystal ball in the back of my closet.