6:03pm
Fed announces details of ABCP credit program to boost money market funds; allows banks to buy ABCP from affiliated money funds- exempts banks from the capital requirements of holding the paper
~ Only US issued, dollar denominated paper will be eligible, and it must have the highest short term credit rating
~ As previously announced, this program [...]

165 Comments

4:00pm
Well… this was an interesting day:  S&P +50 to 1206, +4.3%  |  NAS +100, +4.8%  |  DOW +410, +3.9%
3:50pm
Can someone please explain to me why the dollar is rallying on this news?
3:44pm
Personally, I don’t see how moving risk around from one balance sheet to another solves anything. But I’m not an economist and never studied [...]

149 Comments

10:53pm
Chinese stocks are getting pummeled. The Shanghai composite is down -4.62%
10:22pm
NYT: Federal aid for automakers appears more likely
9:26pm
WSJ reports that some Citic officials are unaware of talks with MS

141 Comments

S&P Futures as of 11:08pm: 1218.50 (rolling over a bit)
11:30pm
CNBC: Morgan Stanly (MS) reportedly considering a merger
11:23pm
Formal Release: AIG Statement on Announcement by Federal Reserve Board of $85 Billion Secured Revolving Credit Facility:
The AIG Board has approved this transaction based on its determination that this is the best alternative for all of AIG’s constituencies, including [...]

94 Comments

3:58pm
WSJ is reporting that the SEC is not looking to make short selling restrictions permanent.
3:56pm
And something is very wrong with AIG, trading at session lows: $11.60, -34%
MER is under $17, -13%
3:40pm
StockTock is short the S&P from about 1255. This is a risky trade that we plan on holding through the weekend. The gov’t has communicated [...]

64 Comments

4:00pm
The S&P rallied 10 points in final 10 minutes as traders digested news that Bank of America is in talks to buy Lehman Brothers. Stay tuned for today’s video.

54 Comments

11:40am
ES catching a bid off the lows. I don’t see a big rally coming, but more of a pause day. Weakness this afternoon would not surprise me.
11:10am
ES looks weak. I think we take out 1220 this afternoon. Oil is falling fast, down to 101.50. The dollar is making a new high.
10:56am
Washington Mutual (WM) is down [...]

8 Comments

4:02pm
Stocks were crushed today. The selling was broad based, but focused in commodity and financial stocks. LEH closed under $8, down 45%. AIG fell 19%. Crude oil is trading under $102. Today’s close was the lowest since July 15. Stay tuned for today’s video.

41 Comments

4:00pm
The S&P was volatile today, closing around 1268, above the important 1263 level. Stay tuned for today’s video where we’ll attempt to make sense on this dramatic action.

33 Comments

3:51pm
ES rallying into the close. Resistance at 1248, then 1263. Stay tuned for today’s video.

42 Comments