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Monday, October 6, 2008

Black and Blue Monday

Paulson's bailout is now law, and the results are in: investors are heading for the exits in a panic. The VIX hit a high of 56.32 this morning, the SPX lost about 70 points in the first hour of trading, and the NDX is down over 5%. The Dow broke 10000, a dubious milestone. Oil is crashing again, taking the energy sector with it. Right now there are ZERO sectors down less than 3%.

There are now 76 stocks on the earnings sheet. One is positive today, SYUT, up 2%.

There is one breakout, DNDN, a biotech on positive news, so I would be cautious with that. Drug test news breakouts have a history of unreliability.

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