European Banks Imploding Again

The activity in shares of European banks is quite distressing. It is extremely difficult to come up with a bullish thesis where these stocks are going to continue to free fall on a daily basis, but other parts of the market will move higher. It's not going to happen. Furthermore, it is hard to make a case that the bottom is in for European banks, when the continent's debt crisis is far from being resolved. The carnage today is staggering, considering that nearly all European banks are already trading at extremely depressed levels. The damage is taking place across the board, and is being led by Deutsche Bank

and Barclays

which have lost 7.56% and 7.50% respectively. Shares of Credit Suisse

are down 5.34% to $23.05 and UBS AG

has lost 5.46% to $11.95. Banco Santander

has fallen 6.38% to $7.63.