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The markets got a bounce at the open, but you know I am skeptical of up opens. They ususally just set the stage for sellers to surface later in the day. How the market closes is always the most important thing.

Asian markets took a drubbing overnight, with Japan down -2.9%. European bourses were lower as well. The Yen weakened a bit, which could have helped give our market an early boost.

Oil is basically flat at $58, having broken its recent uptrend. And bond yields are still at 4.50%, after a big 2-day plunge.

You would think with a 4.5% 10-year Note, that those mortgage borrowers that got into risky, adjustable loans could refinance into a relatively low fixed rate without too much pain. I would like to hear any anecdotal stories if you have them--

The subprime plays are getting a big bounce this morning, after a WSJ story that Goldman Sachs is looking to maybe buy something at fire sale prices, and that other big firms are extending credit again in anticipation of a rebound.

This week is also options expiration week, which often brings additional volatility, and also usually at least one big down day. Maybe yesterday was that day.

long GS

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