SPY - support hinting a pullback
DJIA - broke down below support
RKH - triangle support
USO - new lows...no support
VIX - triangle holding
A/D - very bearish...overdone??
ETFs - sectors got hammered, especially momentum and financials
Analysis: looking at the charts, since we rallied so much recently, we actually have nicely defined supports to be sitting on at the close. fundamentally speaking though, i don't see any reason why we should bounce up big here to show that today was just a fakeout. it looks more like we might get a nice pullback up tomorrow in which it would be best to short the hell out of the market. i believe that DJIA and USO breaking support are leading indicators as to us going down much more from here and most likely close below all recent support before the end of the week.
My Rant: i miss bush and paulson! bush and paulson sucked when in office...when compared to clinton, they really sucked...now obama and geithner are doing even worse, making even bush / paulson look good...fucking amazing...bush and paulson had bad ideas and plans but atleast they had plans...not only that but they never hyped up their plans either. All obama and geithner have done is proclaim that through new politics of transparency and bipartisonship, they they will come up with a secret weapon that will not only fix the financial crisis, but also every other problem in the world as well. and today we got a big piece of the bullshit pie they have been creating behind closed doors. they have no plan...no ideas...all they have is hope...fuck hope...as i hypothesized before, i really think obama has a good chance to go down in history as the worst president ever. if his administration keeps doing what they are doing, which is hype things up and dissapoint with a lack of clarity, specifics, and new ideas, we are doomed. Surely, we are just starting to see the cracks in his inability to run the country. Definitely not a leader...just a bush 2.0 without daddy and cheney to call the shots...honestly...who the fuck can possibly be confident in a gov't that has a congress that will pass a detailless trillion dollar "plan", no questions asked?
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