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Market Close

This day’s action was nothing to write home about, but we didn’t take a nose dive, either.  Personally, I think there’s a little bit of trader weariness (and yes, uncertainty) going on here.   The financial system is in trouble, the market is in trouble, and yet few seem to want to believe it.  So much information and wild swings in the indices has all of our heads spinning.

The XLF was weak today and closed in the red.  That little run-up at the end was unimpressive.  There were a few “runners” today, but overall just very lackluster.  Lehman’s earnings report surely weighed on the financial sector.  Greenspan says he sees a 50% chance of a US recession, but seriously, does anybody really care what he says anymore.  I’m not saying he isn’t smart, but he has no credibility with me.

CPI number comes out tomorrow and many believe it will be to the upside, just like the PPI today.  Chuck will have some charts and analysis on certain sectors tonight, so check back with us.