This is a tough market to negotiate even if you are a trader. Basic materials were lower and are now putting on a very nice rally from their lows. POT for example is up about 11 points off its morning low.That’s big my any measure. MER nd AIG are trading like they could be in focus next. Frankly, I am very surprised the financials are not getting massacred here. There is more chatter of a GS for LEH deal, it’s a recurring rumor though and probably false.
I traded a little LVS and WYNN on the oil pullback but got stopped in SMN. I’m watching MER and AIG closely, so far every attempted rally is sold. AIG reminds me of LEH and BSC, just a feeling. This move has completely faked me out so far, the materials have a lot more air in the tank than I thought.
I never saw that trade coming, so for now on sitting on my hands.