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Wednesday, March 12, 2008

Will The Fed Save Us?

Today was mostly flat, with a bit of a rally in the first hour followed by selling. The big boiys kept their cards on the table until the last hour, when they started selling like crazy, lending credence to the belief that yesterday's rally was mostly panicked shorts covering. 1308 seems to be offering support, and that is right where we are at.

The Nasdaq showed some strength today, staying positive most of the day, until the last hour. MACD on this is looking like it wants to cross over again, so we may have some more to the upside.

The Russell also showed a bit of relative strength. If small caps can stay relatively strong, this rally could last a while.

The airlines index got crushed today on news that Southwest Airlines is grounding 43 planes due to missewd safety inspections. This had successfully testes the January lows and looked for a bounce up, but that's over now.

The FOREX market apparently changed it's mind about the Fed's moves and appears to be losing all confidence in the dollar. Hmmm, housing assets are losing value, equities are losing value, and the dollar is losing value. I'm going to go out to my back yard and start digging for oil.

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