Today's Hairy Ride

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, Lear , Dana and Tenneco .

They had already lowered ratings on other suppliers like American Axle on Monday.



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