Not surprisingly the markets are taking back much of the gains we made last week, which we mentioned in a weekend post review of November was a gain of almost 20%.
Retail sales were certainly off, but not as bad as many had feared. Estimates are all across the board and no one will truely know how much margin companies gave up to get their sales, but at this point per our Black Friday post, things seem to be better than expected.
Bernanke and Paulson have been on the channels throughout the day which as of late has not been good for the markets.
As we enter the final, and most dangerous hour of trading, we will be interested to see if volume ends the day strong or moderate and also be on the lookout for any pre-announcements. JK