Seamless sell-off

Maybe it's the shortened holiday or maybe it's a rational response. Today's market reaction to the Dubai debacle was seamless, selling across the board with little sector bias except the predictable one toward downgrading emerging markets. We will know nothing until Monday, a full day of liquidity and market attention. With that thought under our hat, overall it was a pretty good day, no panic, no scapegoats except the deserving Asian banks.