Friday Raceway

Indexes recovered well today as liquidations faded and buy programs began about one hour into the day session. Big banks found early buyers as traders became mindful of the Treasury's warning it would be watching the performance of certain financial stocks. So the indexes now sit at or just below the mid point of this week's range. Just enough to provide a point from which Friday's trade can whip back and forth, with the last hour of trade to be claimed by the bulls or bears. A powerful rally tomorrow would confirm the worst is over for the diving team, while another hard break would be seen as a invitation for grim volatility.