My partner has been highlighting the weakness in LEH for weeks. And a few days ago this blog suggested to watch for weakness in LEH when it was 17. As I write LEH is 4.24 bid. LEH did have trouble trading below 4 premarket. It is time to start wondering if LEH will receive a bid. Make sure your are connected to an excellent news service and watch out for rumors about LEH bids. You don’t want to get caught short during one of these rumors at these prices. Since I started this blog its now 4.04 bid. Let’s see if it gets below 4.

We are going to watch the banks and oils this AM. Will MER, JPM, etc see downside pressure? MER’s price action suggests it is the most vulnerable. Again I certainly hope not. Will oil trade below 100? I hope so.

LEH dipped below 4. As the ancient chinese proverb goes, “may you live in interesting times.” Well this is interesting.

Good luck with your trading.