the market was able to finish well off the lows of the session after leh denied rumors that it had accessed the fed’s discount window. however, it was the second poor day in a row for the market, and the averages were unable to escape technical damage this time (for those that believe). the dow has now put in a lower low and the s and p 500 closed below its 50 day moving average.
meanwhile, even though fertilizer stocks were hot today, that group was unable to escape a nasty intraday reversal. interestingly, consumer discretionary and healthcare were the only two sectors to finish in the green, but it wasn’t surprising at all to see energy lag. The xle closed down 2% on the strong dollar comments from bernanke.
the bottom line is that this market continues to offer very quick trades to those who have the right time-frames, but the broader market is starting to look increasingly shaky - hope i'm wrong about that one.