Market Gaps Up, Gets A Haircut

Not surprisingly the market gapped up huge this morning, and also not surprisingly, has spent the bulk of the day selling off. I had been considering making a quick buck buying lotto tickets in the financials, but my inner William O'Neil said no. The SPX dropped about 20 points after the open, but has rebounded a bit. The Nasdaq is flirting with negative territory. FRE is down 80%, FNM 83%. Every sector is green, the strongest being XLY (condumer discretionary), and XLF (financials).

I accomplished virtually nothing on the earnings sheet this weekend, but I do have one stock confirmed reporting today, PMFG, after market close.