Market Action

CNBC reporter said on TV that Madoff ponzi schme did not hit redemptions at other hedge funds because this is too late to sell for this quarter (may be accounting/ rules etc..)
- The reporter says other hedge-fund redemptions(sell) hit market in January.
- he indicated there are "not many sellers/not many buyers" so markets are quite and volatality is low .

asr: I thought 12/15 monday oil drop from 49 to 45 is due to monday's Madoff news and subsequent hedge fund redumptions, it seems that is not the case based on above .
----

cudue: OPEN cut expected Wednesdya 12/17
12/15 asian market curde is $49
12/15 US session 49 -> 45
12/16 US morning started with 45 when got early announcement of 2 mil. cut (11 am EST) , dropped to 42 and recovered to 43
12/17 opened 43.5 , actual news came as 2.2 mil cut, dropped to 40.25 , recovered to 42 then finally dropped to 40.5