Rare Event

Well, really 2 rare events - first the obvious; a market in the U.S. down on the first day of the month.... and second, one that started in the green and is degrading severely during the day.  The once relatively common intraday reversal, has been another strange missing character since March 2009...

p.s. Hey Bernie Madoff - looks like they found a sacrificial lamb inside Goldman after all.  But a board member rather than a trader? Hmmm...

• CNBC has reported that the SEC has filed suit against former Goldman Sachs Board Member Rajat Gupta regarding allegations of insider trading.
• The Securities and Exchange Commission today announced insider trading charges against a Westport, Conn.-based business consultant who has served on the boards of directors at Goldman Sachs and Procter & Gamble for illegally tipping Galleon Management founder and hedge fund manager Raj Rajaratnam with inside information about the quarterly earnings at both firms as well as an impending $5 billion investment by Berkshire Hathaway in Goldman.