Stocks took a beating today as fears of recession flooded the markets. This has been one of the worst weeks for the market in a couple of months and is being fueled by the continued subprime credit mess and the continued new record setting prices of crude oil, recently flirting with $90/barrel.

The irony of the huge selloff today is that today is the anniversary of the 1987 Black Monday when the Dow dropped 23% in one day. I have very little invested as I stated earlier because I want to wait out the earnings reporting to get a feel for where the market is headed in the fourth quarter and which sectors will have the best growth going forward. Banks, both national and regional continue to be weak and report worse than expected earning. Technology is the clear winner going forward as Google leads the way with a 40%+ increase in profits.

[tags]investing, dow jones, stock market, shaun carter, black monday, google, technology, banks, oil, recession[/tags]