Monday, November 02, 2009

WHAT A DIFFERENCE A DAY MAKES

IS CITI IN BIG TROUBLE? NY TIMES LINK HERE

Some kind of response to a 90% down day usually occurs, so unlike some inaccurate futes action last night, they are GREEN this AM.

S and P 1020 is support, this is the area we declined to Friday, going along with a technically traded market, that's where bounce should come from. Decline began from 1065 are, 1040-1048 may hold back rally.

You can always 2nd guess, it appears my exit from short may have been justified on a ST trading basis. This is not a bounce I want to ride.

Commercial Real Estate is in a bad state, and is putting additional stress on our financial system. More stress to small businesses may be added with CIT failure, it is reorganizing in bankruptcy.

I am wondering if the market will have any REAL buying interest after first hour "expected" pop.

D

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