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Wednesday, January 28, 2009

Won't Get Fooled Again

We blew right past 857 at the open. If you haven't heard, reports are that the Obama administration is going to set up a "bad bank", presumably to buy up bad assetts and clear the banks' balance sheets. I'm confused, isn't that what the TARP was for? Anyway, long term this may be a disaster, but short term, it looks like it's rally time! Get those CNBC cheerleaders on the field! The financials are getting yet another huge bounce, XLF up 9%. The defensive sectors, XLP, XLU, XLV are weak today.

Lots of new highs today as well. SXL appears to be following through on yesterday's breakout attempt. SPH has a promising looking chart. NCIT is trying to break out, but not getting volume.

I have a ton of earnings reports from the last couple of days, so I'll be spending a good part of the morning (it's still morning here) going through those. There is nothing on the earnings spreadsheet reporting today. Of course, I'll be keeping an eye on things and report anything important.

I'm getting a bad feeling about this.Meet the new boss, same as the old boss.

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