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MARKET COMMENT

Dave Fry, October 22, 2009

DRIVE-THRU SOUP KITCHEN 2009

So, what the hell was yesterday about anyway? It lends credence to the idea of heavy liquidations in Galleon’s hedge funds since there don’t appear any other credible ideas—but, I’m open to suggestions.

The rally today was led by earnings from McDonalds, Travelers and 3M. The 2:15 PM Buy Program Express arrived on time to squeeze shorts from yesterday’s closing debacle. The buy programs were stimulated by little follow-though selling from yesterday and the LEI coming in “better than expected”. Ignored in the enthusiasm was a lowering of the previous LEI report.

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