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It was hairy for a while.
After four days of declines in financials, we looked to be making it five down days in a row, but financials turned around in the middle of the day.
Remember, they have a tendency to sell off going into earnings season in the past year, and with good reason.
While stocks traded in a narrow range all day, there was a brief rally late in the day, partly on word that Senate Majority Leader Reid believes he has the necessary votes to approve the additional $350 billion of the TARP plan.
While financials have underperformed since the beginning of the year, energy stocks have outperformed (though most are still down); energy stocks were again market leaders today.
One weak spot: auto parts suppliers. Standard and Poors is continuing to lower its credit ratings on auto-parts suppliers, today lowering ratings on TRW [TRW
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], Lear [LEA
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], Dana [DAN
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] and Tenneco [TEN
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].
They had already lowered ratings on other suppliers like American Axle [AXL
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] on Monday.
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POPULAR TRADER TALK POSTS
- The Risk Trade Has Not Gone Away—Yet
- Black Friday No Disaster, But Retail May Be Dead For A Bit
- Traders Focus On The Homefront
- Despite Dubai, U.S. Markets Calm
- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
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