Canary in a Coal Mine

[BRIEFING.COM] The market continues to deteriorate as speculation about a letter to clients from a money market fund halting redemptions is confirmed. Within the last 10 minutes, CNBC reported that Sentinel Management Group has asked permission from the CFTC to halt money market redemptions.

Sentinel's inability to meet significant redemption requests has exacerbated the liquidity concerns that have led many to believe a real credit crunch is forthcoming. While the credit markets continue to experience liquidity problems, which are real and of serious concern to the financial markets, there is no evidence yet of a credit crunch that would impact the overall economy. Nonetheless, the Financial sector has edged even lower and is now down 1.9% as the bottom continues to fall out of the brokers and banks.

More here. [Note: They filed for bankruptcy a few days later...]