Tuesday Outlook: Pre-Labor Day Malaise

Rainy Days and Mondays

It’s another occasion to post Thomas Lorimer’s print that reflects current conditions. Without a firm buyout/bailout of Lehman (LEH) or any concrete rescue proposals for Freddie Mac (FRE) and Fannie Mae (FNM), despite a successful debt sale, stocks quickly gave back all Friday’s gains and then some. So the financials-induced cloud over the market from Thursday dumped rain yesterday on extraordinarily light late summer volume. Breadth was as poor as you might expect.

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