No comment from MK, but here's my quick take. Market is taking back some of the gains we had from yesterday, (S&P down almost 1% right now). This was somewhat expected, as yesterday's large positive move was on light trading volume and was led by the two sectors that have been beat up the most, Financials and Technology. This leads me to believe that the biggest driver of the moves in the stock market were short covering squeezes. On August 15, short interest in the NYSE rose over 1 billion shares compared to the end of July, and was the biggest bi-weekly increase since March 2009. Today we should give back some of yesterday's gains, but I wouldn't expect to see us give back more than half of yesterday's gains.
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