I've been on temporary assignment in certain media circles, so my time to post has been limited.
1492 is not only the number associated with Chris Columbus, but it was key support yesterday - deja vu all over again from earlier in the month. While stock futures are a tad higher and VIX futures are at a decent discount to cash, the negatives on the subprime front are still looming. Easing crude oil can also be a positive, though we saw yesterday what can happen when the market gets even a whiff of rumors about refinery problems.
In Asia, stocks were weaker and I continue to keep a wary eye on Shanghai. Japanese yen also strengthened a bit: Yen Rebounds, Asian Stocks Ease.
While I'm not saying I think Bear (BSC) will get down to these levels, or to buy far out of the money puts, I'm intrigued that 120, 115 and 100 strikes on Bear Stearns calls and puts are now available for trading.