S&P 500 HANGING ON BY A THREAD

The triple digit futures induced opening evaporated at the close. GS EXEC Lloyd Blankfein was reported to have hired a high profile lawyer, he and the company have been under investigation, the stock quickly sank by 5%.

The ledge for me is that 1118-1119 neckline, that gives way down to 1100 and who knows below that. I have been warning that you should use the rally to sell into and raise cash....others seem to be doing that...confidence is shaken.

There are no quick easy solutions to the problems. The FED has made things worse and has no answers. GOLD just under $1,900 screams panic....much more so than in 2009. Didn't Cramer say to buy Ford at $16? It's $10 now, for the life of me, I don't know why anyone listens to that snake oil dude.

Weekend shows here continue to reccomend buying stocks, "great deals....." none of these idiotic knuckleheads say to  raise cash, not one. What passes for radio, of course it must be PAID air time for their financial company which has as its main diet a GRIP type program that will ONLY pay the returns promised if you annuatize them, normally after 10 years and then you can only get income stream. Last I heard they guaranteed 7% returns and paid similar bonus for moving cash to them.

D