Top Line: Another reversal from the early morning pop. How many times have we seen it happen! The early morning buyers or sellers open the market well off of the even line and the other team comes in and moves the market the other way, all day. As Asia opened tonight, stocks were following the US down but have since recovered and are heading back up...US to follow??? [Late addition: Asia has dropped back as we finish up our post.]
The news continues to run with two themes, companies in trouble and governments bailing them out. American Express asked for, and the Fed granted, the right to be a bank holding company. In the process they have the ability to get at some of the $700 billion that Congress approved.
AIG posted a monster loss of nearly $25 billion. Fannie said it may need more money from the government. Circuit City declared bankruptcy but will stay in business, at least for now. Nortel puts up a big loss. DHL has decided it wants to move out of the US. Starbucks (SBUX) had some bad things to say about their future. GM put in a trade that was equal to the price it traded at in 1946, but buy and hold...go. YICKS.
Tomorrow's another day...
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