Firms love announcing horrific news when nobody’s paying attention. And there’s no better time to make nasty disclosures than right before a 3-day weekend. State Street’s announcement in January is a good example. Friday Jan 16th, after the close of after-hours trading, STT disclosed (as stealthily as possible) some gnarly earnings. They were down around 30% the next opening, and financials crashed at least 15%, if I remember correctly.

Will something nasty come out tonight? FDIC Bank closing-spree? GM bankruptcy? We’ll see. I’m happy to see a rally today, but am still not buying into it yet. I do have a fair amount of long exposure to offset my shorts, but of course I’d much rather have a healthy stock market. But I don’t believe the fundamentals are there to support it. Not yet, at least.