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Commodities were lower, but once again it was no help for stocks. Commodity stocks were again sold off.
Techs were weak as Marvell [MRVL
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]gave what was perceived to be negative comments at a tech conference, while display stocks were down notably after Corning [GLW
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]cut its outlook and LG Display made cautious comments.
Home Depot's [HDP
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]CEO helped retailers by saying that we were "getting awfully close to the bottom" in housing, as did Kohls [KSS
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]and JC Penney[JCP
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], who both reported August same store sales roughly in line with expectations. The rest of the retailers report sales tomorrow. JC Penney at a 3 month high, Kohls and Limited [LTD
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]at highs for the year. Why, if the consumer is weak? This trade is partly based on the oil trade, partly it's just on faith: investors are looking to buy some early cycle names (Home Depot, Lowe's). Also, there are still tons of shorts in retailers.
Lehman[LEH
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] up for a sixth straight day on word that other suitors may be interested in acquiring a stake in the company.
Finally, the Beige Book was a bit blue, in general the Federal Reserve districts said that"
--economic growth was "Slow"
--there was upward price pressure and
--tighter lending standards.
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