Oil dipped, so did commodities, cooling things off and despite LEH getting their earnings estimates cut from profit of .50 cents, to a loss of .50 cents, financials bounced as well. Tuesday if oil follow through to the downside perhaps we'll get a further bounce, we shall see. Market overall usually has an upside bias last week of the month as fund managers look to get long the winners in month to month window dressing. I thought we'd pull in Monday, but that was not the case at all. A lot of people got short LEH and other brokers because of pending news and some of that came. LEH gapped down on the news big and then powered to close at HOD, plus over $1. The oldest trend in the books? Buy the rumor, sell the news. The second oldest? Sell the rumor, buy the news!
Tonight I'll be short, I'm a wee bit under the weather, so is my oldest. The joys of being a parent, getting every possibly bug your kids get! Hehe. Just remember to RULE and don't commit here either way, CASH IS indeed king! Waxie