The Market Turned Finally Turned

An undisclosed buyer offered the Mpls airport $5000.00 for Senator Craig's bathroom stall. The offer was not accepted. :)


Finally, after 11 straight days of downside, and a bottom test at 7000, the market turned. Calls were able to be bought as low as 8.50, for new trades, and for traders that already had bought, hit first tops of 12.70

As you study our Dow projections note the strong resistance we see at 7590 area, with struggles all the way to this. It's likely to even have whipsaw trades around the mood of the market. Yesterday the market came very close to our first top, with a theoretical Dow of 7418.

I for one watched President Obama and am a believer. I think he "gets it" and believe he is trying a truly unified and focused approach to solving a decade of greed. I'm saddened that the politics continues, the two sides fighting as if they are sides, when in reality, our situation is so dire that actions must be taken.

Nouriel Roubini, New York Stern Business School, considers the nationalization of banks much like what the Swedish did in the 1990's. "You take the banks over, clean them up, and you sell them in rapid order to the private sector."

During the Bush era the central bank "led the kind of government interference in the economy that was unprecedented. The central bank-supposed to be the lender of the last resort, yet they, without controls, became the lender of first resort." Roubini goes on to explain that Obama has little choice but to try to find ways to eliminate the toxic debt, as in "six months even firms that today look insolvent are going to become insolvent. Most of the national banks are going to look insolvent.


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