THE CLOSE

The DJIA defied those crummy internals and closed +121, SPX +4 and NAZ -3.

Strong sectors included gaming, real estate, financials and semis while ags, shipping, emerging markets and oils.

Looking to next week- just about everyone expecting the deal to get done this weekend.- Question is how to play and my strategy is to sell into it and then try to short it at the top (lol).

One interesting development/chart - the action in the financials (BKX)in light of all the gloom about WM / MS / LEH /GS etc - the index bottomed in the middle of July and has been a climber since - despite the talk of recession, depression etc- I guess all the deposits now heading to JPM WFC BAC USB and they are holding up the index-