CIT Group filed for bankruptcy protection on Sunday, November 1, 2009. It was widely anticipated heading into the weekend, and finally the decision has been made. Technical analysis of the daily chart of CIT showed some bearish signs for the stock. On October 29, CIT closed at $0.95 and formed a bearish engulfing pattern which indicated that prices would drop much further.

CIT's bankruptcy should put a little fear back into the market as investors are reminded that the economy is still fragile.