No Diving At This End

Both DJI and NQ100 avoided taking out last week's lows and the commodity markets were hit with heavy selling. Those positives elements are what is needed to work through the current market mess. An early rally provided enough courage to fight off a mid session break. Much has been made of the Morgan play and the reasons for it but it is clearly an absolute benefit to have Bear Stearns off the screen. Look for liquidation to be absorbed readily as long as there are no new big revelations. Real nervousness is prevalent for the first time in years and the super bears are convinced the current declines are not deep enough. Hmm. Sounds like the makings of a bottom. No one is happy except JP Morgan who has historically been a part of some significant lows.