R.C. Market Report 09.16

• Market Trend: Down

• Today we had a slew of events that can be interpreted as bullish or bearish depending on the timeframe and how you like to look at things. All in all, market rallied from technically oversold conditions. Tomorrow is whipsaw Wednesday. The market action will likely gyrate throughout the day. Will we open on a high note and pull back intraday? Morgan Stanley beating estimates and Samsung's offer for SanDisk may be enough to extend today's late rally a bit further. Will we open down and fight back up intraday? Any news out of AIG will likely rule the market. So far, chances don't look good for AIG and while I expect possible solutions and rumors to continue to swirl, I expect AIG to fail eventually.