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Thursday, October 9, 2008

Hugo Bush To Nationalize Banks?

On of the reasons given on Yahoo finance for the higher open today was "investors hoped the government might take ownership stakes in banks to help stabilize the financial industry." Let's see, there's a word for that that I learned in college many years ago, it's right on the tip of my tongue, what was it? Oh, yeah, now I remember, "communism". I guess if the Russians and the Chinese couldn't pull it off, we'll show em how it's done.

The SPX did open higher this morning, hit resitance right around 1000, and heded back down. We now have a low at 977, which looks like it is about to be retested. XLB, materials, and XLK, technology, is where the strength is today. Gold miners are pulling back after their big gains yesterday.

On the earnings list, RICK reported last night and gapped up about 7% this morning, but is headed down as the day progresses. I have not updated the sheet in a few days, qand will try to have an up to date sheet tonight.

Again, there are no breakouts on my scan, and there are only 2 new highs. This is not the stuff of bull markets.

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