” If your fast and if your lucky you will never see that hangin’ tree–Eagles, Doolin- Dalton
Everybody was just minding their own business, having a grand old time as they waited for the market to retake and eclipse that 1100 level in the last hour of trading. It was eerily reminiscent of the the old days when the “deleveraging bell” rang at 3pm and stocks were just sold with reckless abandon. It happened suddenly, and unless you were fast or lucky you lost some loot.
The Index still held 1080 on the close, and for now the bulls are shaken but still in charge. EBAY guided lower after the close yesterday and the stock was hit in after market trading, Amgen was also weaker after the close.
China’s GDP expanded 8.9% in the third quarter. Our pay Czar is cutting pay and bonuses at TARP banks; and Dick Bove went to a “sell” on Wells Fargo yesterday in an effort to steal some of Meredith Whitney’s thunder. I happen to agree with him on this call.
Potash had lousy earnings this morning and guided lower. Most of the big name financial earnings are out of the way and I would be very surprised if they don’t lean on the group in the coming days and weeks.
