UBS (UBS) and Citi (C) have both announced huge write-downs on their fixed income portfolios due to tight credit and deteriorating credit markets.
Watch all of the big money center banks and investment banks get pressured at the open. Wall St. does not know which big global financial institution will be next, but it will bet that their is a third, a fourth, and, perhaps a fifth.
The dip in financial stock in late August may just be the beginning.
Douglas A. McIntyre