- In the early going there was a lot of call buying, the financials were lagging and the market was struggling. I chalked it up to the day after expiration but in hindsight these were warning sign that the bounce would fail.
- I turned on CNBC today and there was a lot of talk of how scary Europe is and about another possible flash crash. This is quite the opposite of all the happy talk we were hearing a few weeks back.
- The one missing ingredient in this correction has been time. It has been a little short from a duration perspective.
- Could margin calls have contributed to some of the late day weakness?
- What will happen tommorow?
Some random thoughts at the close as I have not yet fully digested today's action