Covering the stock market is almost getting as easy as it was in 1999, except that instead of predicting another up day it is the exact opposite. An end of day rally blocked most of the losses but it hardly felt that way when you sat here all day. Ultimately this too will pass, it always does. But the reasoning we are getting for this is really about the same reasoning we have used all year: recession, de-leveraging, the unknown, a poor consumer, weakening China, forced liquidations, higher taxes coming, poor earnings quality, no outlook for growth, and on and on. Since there is really nothing new to say, you just have to wonder if Warren Buffett took his own advice too much to heart as he unzipped the purse and let it all fly....

Here is the next round of miserable and unofficial closing bell levels:
DJIA: 8,691.25 (+2.02%) NASDAQ: 1,603.91 (-0.73%) S&P: 908.11 (+1.26%)

Amazon.com, Inc. (NASDAQ: AMZN) was hammered after its earnings report, but amazingly enough the value buyers took it back up to flat throughout the day. The online retailer beat earnings expectations but it guided revenues down enough that it spooked those who were just looking for a conservative number and the actual earnings range offered was too wide for comfort. Shares were actually up $0.01 at $50.00 in the final few minutes of the day.

Amgen Inc. (NASDAQ: AMGN) was a big winner after the troubled biotech beat earnings and actually raised guidance above the high-end of estimates. All drug sales came in above plan for its anemia franchise as some sale defections were less than many feared. Shares were up 11.5% at $55.71 in today's final minutes.