Major indices finish mixed ahead of tomorrow’s FOMC meeting.

S&P: -11.5 Dow: +21 Nas: -35.5

Shares of broker-dealers were the most volatile and hardest hit yet again in response to the shoestring take-under of BSC backstopped by the Fed.
BSC managed to close @ $4.81 despite the $2.20 price-tag applied by JPM, which gained 10% on the day and helped the Dow. BSC shareholders do have the right to vote down this weekend’s stock deal, giving a ray of hope to equity holders for a higher bid. But JPM was granted an amazing amount of control over BSC, including the rights to Bear’s coveted Manhattan office building at 383 Madison Avenue should the deal get rejected.
Shares of LEH finished 20% lower after having been down nearly 50% intra-day.
Commodities sold off as traders booked gains from winners, freeing up cash to either cover margin calls elsewhere or buy some beaten down equities on the cheap.
Oil lost over $4 and platinum gave up over $100 or 5%.
Speculation over tomorrow’s fed funds rate cut decision is all over the map. Some suggest the Fed may cut only 50 basis points in conjunction with scheduling another meeting in three weeks, while others say 100 basis points is in order.