- Paulson, Bernanke, Cox on the hill answering questions about their proposed bailout. seems like some sort of bailout will be passed....just don't know when and how the details will be....damn i hate paulson!
- After hours, "The Warren" makes a hefty investment into Goldman Sacks...traders see this as a possible bottom to financials
Technical Highlights:
- smooth continued fall in the markets today despite an open higher
- volume continues to be super low since the short ban last friday
- indexes nearing new 52 week lows
SPX...more hurt in this market...watch the 52 week lows and volume...should just go sideways here if no huge headlines show up
NDX...very close to a new 52 week low on mediocre volume...
XLF...in between support and resistance and now at the MA that might act as support...sideways
UUP...dollar showing very slight strength today...might be able to hold these levels...
CRB...coming up on good resistance as it was unable to add to its rally today...might be time to start shorting again
Analysis: With my finger hurting, i will keep this short...light volume finally hit the market...last week i wondering what would happen if volume were to stop increasing and this week we know...basically its one sided movement...right now its the bears...very quiet seeming...as short sellers are out of biz til the ban is lifted and prices stay inflated and inaccurate because of a lack of volume and the inability to short financials, it seems to all make sense as to why the volume has been low and bearish....i'm actually happy with this slow action as it allows me to keep these blogs short and give more time to analyzing my trading strategy...
For Tomorrow:
- look into shorting commodities if dollar strengthens more...
- keep an eye out for ron paul as i expect him to be at the congressional hearing tomorrow!
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