IMO this move is being generated because of the dockets released late last night about the settlement between JPM and LBHI. This news caught the market by complete surprise...IMO.
I think the market is extrapolating the possiblities about this news and how other institutions are going to be reacting that have Lehman claims/collateral. I also think that players are trying to get their money out of WAMU which the market has been selling the Lehmans for money to buy the WAMU plays.
This news anout JPM and LBHI settlement moves the piture of A/L much closer than the marketplace had been anticipating. Brings a little urgency to the horizon!
All just my opinion. Please make your own decisions and do your own research.
News 
Market Data 
Discover 
