For a while I’ve been thinking that one of these 3-day weekends would bring a tsunami of nasty news, akin to the State Street disaster back in January. Tonight may be it. There was an ugly sell-off today on low volume into the close, breaking the pattern of 3:30 happy-rallies. The jobs report can’t have surprised that many people, and things got nasty into the close.

Somebody Knew Something

After that nasty finish in the markets, the FDIC has been on a roll. They’ve snuffed out 7 banks so far, and the night is young. I’ve seen closure announcements as late as 10:30 pm EST. But the temptation to postpone everything, sweet it under the rug, and head out to ST Michael’s must be tempting. I’ll keep this updated as we learn more.