Good Morning traders. Lets keep a close eye on the 820 area on the S&P 500. If we penetrate that we could be accelerating to the downside. If we can hold that level again we should bounce.
Retail Sales numbers actually came in UP 1%. WHAT? Hmmm very suspicious number after 6 months of declines. The market doesn’t know what to think and I believe they don’t trust that number.
Geithner watch today as he has an important meeting with Obama. He want’s to figure out how to stem foreclosures. Wall Street is very anxious or should I say nervous about Paulson 2 not doing the right things with the banks. The man has been point guard for 10 weeks now and has showed absolutely no evidence that he has a solution. Stay tuned.
The USD is up to $86.08, POG is down to 940 (still very bullish) and Oil is down to $35.50 (we could test the $32.00 area)
Stay nimble and watch for the Government to open their traps because they will move the markets one way or the other.
Good Luck
Open letter to Congress:
It should be evident to all of you by now that equity markets don’t like the “PLAN”. But of course, the people don’t matter until election time.
Side note to Reid and Pelosi: Your districts must be filled with uneducated people for you two mopes to still be in office.