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The market certainly didn\'t give investors an easy time for the first day of what is supposed to be a good month. Downgrade in Citigroup along with disappointing earnings in Exxon are cited as main reasons to trigger today\'s selloff. Interest rate sensitive sectors such as financials and homebuilders are especially weak. It seems that some investors waked up this morning and suddenly realized the Fed had done its rate cutting job although the message should be quite clear last afternoon. Treasury bond rallied sharply and oil price dropped after touching $96 per barrel. The economic news this morning is also on the weak side. Tomorrow will bring the job report and it is possible we are going to have another volatile session.
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