Some indecision for the Qs today as the R1 pivot became the focus of attention with some slip over both up and down for the duration of the day. The low volume also reflected the sidelines view. Tomorrow, of course, will be volatile and we probably will not know what the street really thinks about the news for a few days.
Some momo in the financials today. WAMU apparently using the opportunity to announce after the close a huge dividend cut and the shut down of 190 loan centers. Can't be good news and WAMU is down $1.70 from the close. Probably a few more of these nasty surprises will follow shorty as earnings season approaches.