Usually, it has only been one reversal per day to mess us up. Today we were blessed with two.
The catalyst? Bond insurer Ambac is getting a capital injection. The day is saved! We can resume issuing tons of bonds (investment grade, please) and the credit crunch is over. Right.
I fail to see how the saving of one company can elicit the second coming. It looks more like a relief rally that there was some good news of some kind. Better than more write-downs.
But through it all, the major indices remain in their trading ranges. New 52-week lows remained in tripled digits. Dead cats for the financials.
I'm still watching just in case this event has legs as stranger things have happened.