CHESSNOID

Today was just another volatile day on Wall Street.  Originally, the follow through was there for the first hour and the DOW was actually up about 400 points. Then a couple of news reports came out but nothing out of the ordinary in today’s turbulent times.  The news story that killed the market rally initially came from one of the 3 stooges Paulson announcing that he is willing to buy 1,000s of bank stakes for the taxpayer.  At least that’s the way it appeared to me.

Now you can just google flip flops on just about everyone. Listen to Paulson in this Jon Stewart video.

These are the closing numbers for the stock markets 10.14.2008:

Some stocks that did well today was the financial sector, specifically bank stocks. I really do think that sector is in a sucker’s rally because they have more losses on the way. The problem of foreclosures has not disappeared and will continue to get more severe every month. The feds continue to ignore the real cause of the economic meltdown, global recession, or the coming Great Depression. On top of the foreclosures coming in the second wave, we have a credit card default implosion coming soon. We have the most credit card debt ever and that will be followed up with the most charge-offs ever too.

It looks like the stock futures have some follow through with today’s down day. Tomorrow, the market will open down, but I don’t expect a rally tomorrow. I actually expect the sellers will gain momentum from now till Friday which is options expiration. The technicals still are trending down even with the market rally from yesterday.

	Dow	-142.00	-1.52%	9,220.00
	NASDAQ	-6.00	-0.44%	1,360.00
	S&P	-17.00	-1.70%	985.30