It sure is trading like it. There are no comments from the Fed and the stock is down over 30%. It certainly has helped put a wet blanket on that “HUGE FINANCIAL RALLY.” Some folks thought yesterday was a game changer but I think it’s just more of the same, a rally in a big bear market.
Commodities are just getting killed again, and that is where I have been since the open. As usual, it will be a real interesting afternoon. Until we get some clarification on Lehman it will just keep pulling the financials down.