The good news is that oil finally cracked, which created a notable morning rally just about the time the market was heading south in a serious way.
Here's the bad news:
1) Financials, which showed a little bit of life early in the morning, sold off into the close, with both Fannie and Freddiedown about 25 percent;
2) Internals were poor: there were more than two stocks declining for every one advancing, and the nearly 600 new lows at the NYSE was the highest level since January. In other words, the rally wasn't so great, particularly into the close;
3) This did not feel like the bottom of the market. Rightly or wrongly, traders are dying to buy the market, but they are looking for some apocalyptic sign, some remarkable down day (500-600 points on the Dow) with massive volume, which has not come.
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