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Monday, December 22, 2008

Bailout Bonanza

Another week, another round of bailout news:

According to the AP, banks that have recieved bailout money and have been asked what they did with it have told us to, basically, go pound sand.

Homebuilders are asking for a bailout.

Toyota has posted the first quarterly loss since 1941, and, for some unknown reason, have not asked for a bailout.

The market is off to a slow start for the week, the SPX hitting a low of 877 this morning, but bouncing up. Volume will be quite light for the next two weeks, so it is hard to read much into what happens. We traditionally get the "Santa Claus" rally about this time, and looking at treasury yields, which are now all in the green, we could very well have one.

So far there are 3 breakouts I am watching: AGNC, NTT, and HTS, none on high volume as of yet. I did not complete updating the earnings list this weekend and don't know if any are reporting today. I plan to have it completely updated by this coming weekend. Also, sometime either today or tomorrow, I will create a new google doc for the relative strength scan.

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