The First Tradable Rally In Three Weeks
This is the first time the Dow has traded in a 1,000 point range, ever. Exciting enough for you? Look what happened today.
First half hour:
Dow down 621, rallies 688
10-2 PM ET:
drops 650 points
2-3 PM ET::
gyrates in 300 point range
Rallies 770 points
Drops 330 points
Ends down 100 points. What happened? This was the first tradable rally in 3 weeks. There was no 3 o'clock selloff! Go home long or flat on a Friday? Who heard of such insanity? Many traders decided it was safe to do so.
1) Hoping for joint statement from G7: expected tonight.
2) Lehman credit-swap sellers posted collateral, no firms fail, according to the International Swaps and Derivatives Association
For the week: dow down 17, s&p down 18 percent, NASDAQ down 15 percent.
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