Figured it out
It was about 12:30 and I was in my car returning from my work chores. I had a choice, go home and monitor my positions, or get off the highway in Springfield and spend the afternoon at the PGA championship. I actually hemmed and hawed for a few minutes until I passed a guy at the local Dunkin Donuts holding up a sign "Cheap PGA tickets". That was enough for me.
The radio said that there was a "broad based sell off in equities based on Dell's poor earnings and the rise in crude oil futures".
Now some people will even believe that. My oils all closed down, so I am not buying it.
As I wandered Baltusrol delirious from heat and thirst (the course was sunny, 105 degrees and sweltering) I started overhearing conversations of my fellow spectators. One guy talking about "hedging his position". Another about how something was "already built in to the margins in that model". Then I noticed a "Bear Stearns" camera strap next to me on the 4th as Tiger hit into the water. Around 3 I wandered past the corporate tents in a desperate search for air conditioning. Who did I see? Goldman Sachs, Bear, several hedge funds. On Monday these guys and gals will be back at the trading turret, but for today they were wandering around a very hot golf course trying to jockey for position to see Tiger Woods and swilling Gatorade, Water, Beer, and any other liquid handy.
So if you want to know the real reason, it should have said "equities lower today thanks to the Dell earnings report, higher oil, and spurred lower by the PGA tour, and a forecast for heavy traffic to the NJ shore and Hamptons this weekend".
Now that's a line I buy.