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Stocks are rallying, as oil has come down on a growing sense that Tropical Storm Dolly will miss the Gulf oil refineries.
Financials are also moving up; for all the disappointments associated with
Wachovia[WB Loading... ()
] missing big and cutting dividends, there is a sense that the downside might be limited here, a sense that financials are in buy the dip mode.
There's no doubt last week's trifecta of financial news (bank earnings above expectations, new limitations on naked short selling for select financials, and the Fed/Treasury helping out Fannie[FNM
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]/Freddie[FRE
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]) was the major factor in this new line of thinking. So today, for example, we are seeing considerable buyers on weakness in financials.
Will we see the kind of selloff in financials we saw in June? Not clear, but some are again betting we will not.
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