An article at TheStreet.com talks about a steep decline in margin debt. The decline is the steepest since the 9/11 meltdown. Conventional wisdom would interpret this as bullish, because a lot of weak hands have folded.
Fool.com has a blurb about brokerage stocks (link). The writer believes more patience is warranted. MER is one stock I like with a base about 10% below its current 67.
Airlines are one of the very few groups to be up again today. Bank stocks are very active. One cliche is that volume precedes price, so the big volume may be a precursor to an up move. JPM is the bank stock I am watching most closely.
It is pins and needles time for a lot of players today on option expiration Friday. If it is typical, a lot of stocks will close right at a popular strike price so both the puts and calls expire near worthless.
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