Here is one of the more important trading days we have had in this tumultuous month. Any close that is near break even or positive would be a sign that stocks are discounting a lot of bad news.
Today, we get generally poor guidance on 2009 and the markets do...nothing. The VIX, down 25 percent yesterday (biggest drop in years) does nothing. Dow moves in a 150-point range, it's narrowest range in weeks.
Don't let the quiet trading fool you: beneath the turmoil the market is struggling to find new leadership. It has not yet clearly materialized, but that's because we are in an uncertain transition.
Just because the big names--DuPont, Caterpillar, Texas Instruments, American Express, Lockheed Martin, have all been out trying to talk down 2009 in the last 24 hours doesn't mean these stocks are dead in the water.
The markets have already discounted a doozy of a recession. AmEx was at a 10-year low, DuPont at a 13-year low, Lockheed 2 year low, Texas Instruments5 year low, get the point?
Yes we are down, but not much, midday. Bulls will crawl out of their hole if we get anywhere near break even at the close.
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