The market's rally yesterday was a cheer for the plan to save our banks, but the plan will come at a great cost. It will take money out of the private sector needed for growth and business investment and give it to the banks. The tax payer will eventually have to pay for the bail outs. And doing it this way means there is no need to go through Congress for a bailout, which is yet another end-around our constitution. Our leaders intend to inflate our way out of his mess, which will lower our standard of living and make our savings worth less. Hopefully people will come to their senses and realize Timmy's bailout plan is not good for this country. It guarantees a stock market crash of biblical proportions later this year. That's all I'm going to say about this for now.
Yesterday surprised most everyone. The market was strong with the Dow rallying 6.84% and the S&P rallying 7.8%. It was one of the biggest all time advances in stock history. The advance was powerful with about half the rally coming from short traders covering their positions.
The Asian markets are up between 1% an 3.5% this morning, but the European market markets are more timid with a range between -1% to +0.5%. The Dow and S&P futures this morning are are showing a little less than 1% loss at the open.
The market is extremely overbought short-term using both 15-min, 30-min, and daily stochoastics. Though the shorter term indicators say the market should decline today, there might be some upside rally left for a day or two, but it is nearing a top. I expect the market to begin a leg down this week or early next week if for no other reason than a correction is badly needed. I anticipate any upside action today to be relatively minor if it occurs.
Yesterday surprised most everyone. The market was strong with the Dow rallying 6.84% and the S&P rallying 7.8%. It was one of the biggest all time advances in stock history. The advance was powerful with about half the rally coming from short traders covering their positions.
The Asian markets are up between 1% an 3.5% this morning, but the European market markets are more timid with a range between -1% to +0.5%. The Dow and S&P futures this morning are are showing a little less than 1% loss at the open.
The market is extremely overbought short-term using both 15-min, 30-min, and daily stochoastics. Though the shorter term indicators say the market should decline today, there might be some upside rally left for a day or two, but it is nearing a top. I expect the market to begin a leg down this week or early next week if for no other reason than a correction is badly needed. I anticipate any upside action today to be relatively minor if it occurs.
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