Well, bear rallies are nice, aren't they? Except if you're a bear. My CAPS score has been beaten up badly. But I'm going to be bearish until the biggest problem is dealt with. [more]
November options are expiring on the 22nd. Lots of covering going on this afternoon. I went from 99.59 or so down to 90 or so, but I'm still a bear. I expect we'll see more bloodletting on Monday. Retail may get a bounce from the "retail backlash," but it won't last past the holidays.
Bloomberg reports that today's rally was prompted by bargain hunting in energy and real estate due to bargain hunting. CIT helped rally financials. But global news is gloomy, and sales, jobs and forecasts are all looking down in the US. Some investors want a bargain, but most people are wondering if they'll still have a job tomorrow. Confidence is still missing, particularly in the engine of our economy, the American consumer. [more]