I'm hoping for more 700 point down, 500 point up days.

I am very tired. I am also fairly happy because I am up 3.56% for the day. I bought into INTC, COH, and SOL (more INTC, about double) before I left for school. And what do you know? Shit didn't rain from the sky--not today at least. More like Paulson asked the referee for a redo. In any case, the NYSE Bullish Percentage Index ($BPNYA at stockcharts) has dropped below 30. I'd look for a three box reversal on a point and figure chart for a strong bullish signal. The number of stocks above their 50 and 150 day SMAs is starting to rebound. And while most of that points towards a higher market, Congress has the ability to make the tickers bleed red again. Albeit, it's likely they will develop a palatable plan as they have plenty of (unhappy) constituents with 401k accounts.

Currently, futures are down. After such a rally, that can be expected.

Looks like the world has another day. Until the end, enjoy:

VIX, BPNYA, NYA150, NYA50

The above charts are beginning to show the development of a bullish setup. Along with main indexes, the VIX set a new record today and looks as though it may continue higher. The BPNYA is also edging towards bearish territory at 30.06. It would be nice to see the BPNYA hit the same levels it did in January. A three box reversal after a close below 30 has historically led to a bullish move. Both of the NYA50 (a short term indicator) and the NYA150 (a midterm indicator) are near previous lows. A unified reversal following a significant VIX value should signal a bullish rally in this bear market. As always, wait for the reversals--this time the knives are especially sharp.

Damn...

This is a day trader's market. I got out of most of my positions at the open, and I'm currently out of everything. This is a clusterfuck...

In any case, I'd like to thank Dinosaur Trader and The Impatient Trader for adding me to their blog rolls.

Student: "Worried about age?" McCain: "Nope, you little jerk."

I love YouTube.

Update on the day trading situation: My brother has said he will put $6,000 in my brokerage account if I can get the rest of the 25k from elsewhere.

Reminds me of the book Culture of Narcissism: American Life in an Age of Diminishing Expectations

Watch CBS Videos Online
Saw the above on Blue Dog.

Edit: I think I may actually vote for President this year. I feel it's a patriotic duty not to allow America to embarrass herself (again) with such sickening mediocrity.

Thank God (sic) that Someone Points This Out on Cable

Above: Palin makes Bush look eloquent.

A Bank Failure on a Thursday?

Not to mention, the largest bank failure in history. And, no, it couldn't wait another day. [The chairwoman of the FDIC] said that the bank’s rapidly deteriorating condition prompted regulators to seize it Thursday, and not on a Friday as is typical for bank closures. Of course, there may be some ulterior motive. A failure of such magnitude might galvanize congress into passing a bailout bill despite citizen protest. While McCain is posing for photo ops and bailing out on Letterman (punny!), the Republicans in the House, led by McCain, are stalling by suggesting a different plan. Albeit, the plan the Democrats are discussing is supported not only by Paulson and Bernanke but by Bush himself. Senator Dodd commented on the newly suggested bill saying, "Instead of being a rescue plan for our economy it was a rescue plan for John McCain." McCain's alternative would allow Wall Street companies [to] purchase insurance on mortgage-backed securities. It also [would advocate] tax cuts and relaxed regulations. We all know that taxes and regulations got us into this mess; maybe we should listen to McCain. Then again, McCain has said that he does not understand the economy very well. And undecided voters are beginning to agree with him.


Sober, by Tool. So symbolic!