CHESSNOID

The stock market opened up strongly today in yesterday’s run up of 936 points in the DOW.  In the first hour today the DOW was up about 30 points. Those gains were completely erased and the index went down to 9291for a minute.  We are currently back up as the market looks for direction.  These are the numbers as of right now:

It is still unclear which way this market will end up today. I would bet there would be a sell off at the last hour of the day. I think most people are risk adverse and don’t want to get burned again like they have the last 2 weeks. Yesterday was a relief for many investors. Long term, the fundamentals and technicals are pointing to a downward trend and the economy is still losing strength. As far as the nationalization of banks, that doesn’t deal with the issues of more housing defaults on the horizon. This is still the current source of our severe recession.