Helene Meisler on Real Money surmised that it was due to the fact that many institutional sellers have already sold--hence not needing to buy put protection. Marty Chenard had an opinion on it well. You can access that here: http://www.stocktiming.com/Wednesday-DailyMarketUpdate.htm
I'm going to discontinue the daily sector report for a bit. I'm still going to capture the information, but there have been too many changes in the last few days, and I need the dust to settle before I start formatting and have to reformat again.
I've also wondered why we did not hear of more hedge fund failures. While this is old new with respect to the frozen assets, this news is of the total liquidation:
John Devaney's hedge funds, frozen a year ago because of wrong-way bets on mortgage securities, are being liquidated at a total loss to investors.
The Horizon group of funds run by Devaney's United Capital Markets Holdings Inc. couldn't meet a margin call from Deutsche Bank AG at the end of June, according to a letter to clients today obtained by Bloomberg News. Deutsche Bank then seized and auctioned off the collateral.