Meager Rally No Snapback
Anyone who thought today's meager rally was some kind of significant snapback is not paying attention.
After a huge drop yesterday, we got almost no bounce, advancing stocks were just barely ahead of declining stocks. Modest advances in energy and materials after being mugged for the past 6 trading sessions.
After the close, Lehmanis again dropping, trading at $6.91 down from the $7.25 close; Merrill at $22.97, down from $23.30, and the dollar is rallying to new highs against the euro.
The only good news was the FedExannouncement,that lower jet fuel prices will help the bottom line this quarter. This will resonate with food companies, intensive energy users like aluminum companies, and other transportation stocks.
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