Although the market wasn’t able to quite make it back to the flat-line and we still finished with breadth at about 2:1 to the negative, stocks were able to pare a good deal of their early losses in the afternoon. Undoubtedly, the move was broad-based, but it was a big bounce in the industrials (with LMT, BA, RTN, UPS, UTX, NOC, GD, and FLR leading the charge) that really pushed the market off its lunchtime lows.
Meanwhile, some final hour comments from Meredith Whitney, who said on CNBC “that investors should be careful selling financials shares before earnings season” helped to squeeze some shorts and add a little fuel to the upside as the bell approached.
While the indices still finished the day in the red, I would have preferred to see less enthusiasm late in the day. Hopefully, we’ll be able to see some weaker hands get shaken out of this market in the coming days and set things up better as we head into earnings season.
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