Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: Banks are invariably tied to the health of the economy and with increasing concern about a double dip, or at the very least slower than expected growth, they are all falling fast. With the global presence Citigroup has built, a default in Europe and slowing investment-banking activity are weighing on investors' minds.
Now what: Over the past week, bank stocks have exaggerated the moves of the market as concerns about European debt, an overall economic decline, and of course fears borrowers will stop borrowing have hit the market. Citigroup is leading the financial sector lower with Bank of America (NYS: BAC) , Goldman Sachs (NYS: GS) , and Morgan Stanley (NYS: MS) also taking big tumbles today. Right now I can't handle the roller-coaster ride the banking industry is on and will stick to stocks that have less exposure to the problems going on in Europe.
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At the time thisarticle was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.The Fool owns shares of and has opened a short position on Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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