Companies: Citigroup, Inc. (C) / Bank of America Corporation (BAC) / Intel Corporation (INTC)

With news of economic recovery in the wind, why is that Citigroup, Inc. (C) and Bank of America Corporation (BAC) have lost more than 1.4%. Certainly, at least to a degree it’s tied to the UBS, Switzerland’s big bank that reported a fourth straight quarterly loss.

That begs the question, is this tied to banks alone? No its not Intel Corporation (INTC) took a nose dive falling 2.3 percent, this on Morgan Stanly lowering its rating to cautious.

Higher-than-expected accounting charges pushed UBS AG into its fourth consecutive quarterly loss, so it seems that even the analysts can be wrong (or mis-guided) at times. In other news Royal Bank of Scotland Plc and Lloyds Banking Group Plc,
are attemping to appease the European Union by selling hundreds of branches, plus other core businesses.

“The European bank news is going to affect us to a large degree. That negative news has the dollar getting stronger, and that’s going to mean a weaker market,” said Tom Schrader, managing director of U.S. equity trading at Stifel Nicolaus capital Markets in Baltimore.

Futures on the S&P 500 expiring in December slipped 0.5 percent to 1,034.1 as of 8:23 a.m. in New York. Dow Jones Industrial Average futures decreased 0.5 percent to 9,689 and Nasdaq-100 Index futures dropped 0.2 percent to 1,664.5. Stocks in Europe and Asia also slid as Australia raised its benchmark interest rate for the second straight month.

The market can move for or against us quickly and strongly. When it moves, be sure to watch it closely.