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October 22, 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 to be any other credible ideas—but, I’m open to suggestions.

The rally today was led by earnings from McDonald's (NYSE:MCD), Travelers (NYSE:TRV) and 3M (NYSE:MMM). 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 Leading Economic Indicators (LEI) coming in “better than expected”. Ignored in the enthusiasm was a lowering of the previous LEI report.

We finally got big volume today on an up-day with dip buying and earnings optimism. Breadth was quite positive.

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