Financials Update

Did not take a position today in XLF as there were no good entry points for a short trade. I found the whole congressional committee testimony surreal. The Fed stated that our entire capital system was on the brink of implosion and that such risks still remain, yet the markets are ignoring this. Yesterday, Bernanke told us that the collapse of Bearn Stearns would have brought down the financial markets. Today the Bearn Stearns CEO said that rumors brought down his company. My question to ask is then this, "If simple rumors can bring down an entire company how strong is that company"? Will there be more rumors to come? With the interdependancy of our entire banking system could rumors bring down the house?