European stocks crumble as Banks take a hit and DAX falls towards 21,300

The European stock markets have fallen hard in the  first hour of live trading, but you were warned about that prospect a few times earlier. The banking sector stocks are being particularly hard hit. Shares in Deutsche Bank are down almost 8% and that banking sector fallout is symptomatic of the rising recession fears now spreading across the European markets. That has now even sent  the FTSE 100 lower (index full of bank components), as the DAX falls approach the 21,300 handle. You were warned earlier about the prospect of the index reaching a 10% correction level earlier and you are reminded of that again now. It is at 21,128. The EUR/USD has also now taken out the 1.10 handle as warned on in the previous update. The low seen was set at 1.0976 and please remember that 1.0955 is now a support level of some note lower down. The DAX has just held that 21,300 level for the time being and it is currently trading at 21,355