The Swiss Central Bank ordered Credit Swiss to raise capital today. That means they will have to sell stocks to raise capital. UBS may also be ordered to raise capital.
The European Monetary Union has restricted cash withdrawals from ATM's and Banks, across the EMU. There is also new restrictions on moving capital out of the EMU.
Stock selling to raise capital is the same thing that happened in 2008 into 2009.
The other Swiss News is, the Euro/Swiss pair cap instituted on 8/11/2011 with continue to be maintained. Since there is rush by the people and intitutions of Europe to the Swiss franc. This will Euro/Swiss Cap will be hard for the Swiss Cental Bank to maintain in a run for cover to the Swiss Franc by the European People. Since the Swiss Central Bank has to sell Swiss Francs heavily to maintain the pair cap.
The only questions are this, which stocks will Credit Swiss sell and when will the selling begin. Credit Swiss will, Probably sell US stocks since it is the most up market.