Hi, Fox, I caught the NDX buy signal around 10:10. But I still see price in a down channel and this is probably only a bounce. More downside today after the bounce fails? We'll see. Two

Hi, Dan. Looks like the NDX bounce started around 10:10, but I think there's more downside ahead today. Price may turn back if/when we test yesterday's closing price (or sooner). The real buying opportunity may come later this afternoon. Those are my initial thoughts as I study the chart action. Two

smartone, looks that way to me, as well. So we drop a little today and finally top by next Monday's close (or next Tuesday's open). Then it's down for a short period. Great "April Fool's surprise," right? Two

I'll go out on a limb and say I think prices will drop in the morning to shake out the weak bulls and embolden bears, then rise into tomorrow's close, probably exceeding today's high and putting in a s-t top. JMHO. Two

Hi, Fox. Looks like one more day up (tomorrow) on my daily charts. JMHO. Two

Gleno, agree. By the way, Dr. McHugh has one of his "Phi" turn dates occurring today, plus or minus two days, which might coincide with a topping process tomorrow followed by a decline for a few days next week(?). He sees any such decline as a buying opportunity. Two

Gleno, even at that level I'm getting fakeout sell signals. Price may drop a little here, but every dip is being bought. Strange that volume is relatively low? Two

What is the real value of the GDP? Ty Andros explains. Two

============
Inescapable Realities
$14 million, million, or stated another way $14 trillion. The annual GDP of the US is
approximately $14 trillion or $46,666 for every man, woman and child in the US - either way you view it, this is the INCONCEIVABLE amount that has been spent, printed or guaranteed since January 2007 in the US; it does not include the government machinations in other G7 countries. And what have you and your family received from that $46,666 per person? MOSTLY nothing and you will get mostly nothing from the next $46,000 and the next $46,000....

Where's Gleno today? I miss him saying something about the "BS rally" and pointing out that the "uninformed" are buying. I agree with you, Gleno. Two

Dan, good trading! My system suggested a QLD buy around 10:30 (27.85). Not so sure there's a lot of upside remaining in this pig, however? Two

Like watching paint dry or eggs boil. Two

Hi, Dan. I bet you got out around 9:45? That's when I got a signal to jettison the QLD. Two

Hey, Fox. Remember our recent discussion re. Larry Summers? Here's what he had to say in a 1999 NY Times article about the legislation that inevitably opened the door for the destruction of the banking industry and our economy. Good thing he's now in charge of Obama's financial industry rescue team (not). Two

===============
Congress approved landmark legislation today that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another's businesses.

The measure, considered by many the most important banking legislation in 66 years, was approved in the Senate by a vote of 90 to 8 and in the House tonight by 362 to 57. The bill will now be sent to the president, who is expected to sign it, aides said. It would become one of the most significant achievements this year by the White House and the Republicans leading the 106th Congress.

''Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century,'' Treasury Secretary Lawrence H. Summers said. ''This historic legislation will better enable American companies to compete in the new economy.''

LOL, Dan. We're a couple of dirty old men, aren't we! But when we stop being dirty old men, we're dead. Better dirty than not. Two

Sorry to hear that, Dan, but you've got to eat. Still holding QID from about 10:10. Not a large move so far, but you never know? Two

As long as you kiss her north end. Two

And the masses are still more interested in Britney's smelly feet. Two

john, sigh, but I had such high hopes (lol). Two

smartone, excellent points...and agree! Two

blasher, this is disgusting, isn't it?! I wonder how many of the banks that got bailout money use overseas call centers (Citi comes to mind)? IBM's move violates, in my opinion, the spirit and word of Obama's pledge to keep jobs here in the U.S. Two

Seeing that we're in a never-ending sideways process as I write, I thought those of you who admire the President would like to read his "teleprompter's blog." Two

http://baracksteleprompter.blogspot.com

Gleno, they're propping like crazy. QID buy signal around 10:10, but it's not making much money? I have a hunch prices will drop intraday to fulfill my sell signal, but come back into the close. Two

Agree, AD. But you've first got to get by all the dizzy, fast-talking "experts" who have trouble reading their scripts and agree with everything their interviewees tell them. Two

At last, there's legitimate competition for CNBS! You know how I feel about CNBS and its dipsy-doodle cheerleading and psuedo economic reporting. Well, a new, rival financial news network has just started. Here is a link to its first video report. Two

http://video.yahoo.com/watch/4659158?fr=yvmtf

Gleno, looks to me like the NDX may have topped at yesterday's close. We'll know soon. Two

Dan, just out of curiosity, why do you use the SMA 3/7 as opposed to using the EMA 3/7? Did you experiment and find that the SMA is better? TIA. Two

Dan, be honest. Your success as a trader is all about the EMA 3/7, isn't it? Kidding, of course. Two

Yes, but the "smart guys" haven't even begun to tackle an even larger problem described in a recent article by Martin Weiss. Two

=============

Hidden in an obscure corner of the derivatives market is a unique credit default swap that virtually no one is talking about — contracts on the default of United States Treasury bonds. Quietly and without fanfare, a small but growing number of investors are not only thinking the unthinkable, they're actually spending money on it, bidding up the premiums on Treasury bond credit default swaps to 14 times their 2007 level. This is an early warning of the next big shoe to drop in the debt crisis — serious potential damage to the credit, credibility, and borrowing power of the United States Treasury.

How true, Gleno. Dan is the man, no doubt about it. Two

Just read that financial stocks are up an average of 61 percent since March 6. Your tax money is hard at work. Two

Hey, Gleno, you short? I bought QID at 47.81 and haven't seen any serious QLD buy signals yet. Should have shorted at yesterday's close, of course. Two

Gleno, I agree. Someone on another board equated Geithner's plan with every American paying $10K to buy those toxic assets. The 10 largest banks are in terrible shape. Look at what they have in commercial mortgages, most of which will soon see defaults. Two

=========
Defaulting Commercial Properties Hit Banks on Vacancy-Rate Rise
By Ari Levy and Daniel Taub

March 23 (Bloomberg) -- U.S. banks, battered by record losses from the worst housing slump since the Great Depression, now must weather increasing loan delinquencies from owners of skyscrapers and shopping malls.

The country’s 10 biggest banks have $327.6 billion in commercial mortgages, which face a wave of defaults as office vacancies grow and retailers and casinos go bankrupt. A projected tripling in the default rate would result in losses of about 7 percent of total unpaid balances, according to estimates from analysts at research firm Reis Inc.

Commercial property prices are down almost 20 percent in the past year.

http://www.bloomberg.com/apps/news?pid=206...refer=exclusive

Hi, RCKS. Yes, having fun is a big part of this game. And it's all about gambling, as you know, because no one has perfect indicators. Two

Thanks, gloe, always great to hear from you. I made money on QLD and got out. So any QID purchases today are being made with very little down and very close stops. I agree with your assessment, by the way. But sometimes it's fun to gamble...a little. Two

Gleno, I joined the QID camp once again around 49.30. It's almost like prices are in suspended animation? Sort of like a Fed day. Two

Foot, are you still in short? I got out of QID with a very tight stop. But everything looks extremely over-bought. So Geithner better say something real good this afternoon, or....? Two

Bought some QID at 50.28. We'll see. Two

Let's hope the Senate doesn't pass the bill. Or if it does, that Obama has the moral courage to veto it. "Unjustified outrage"? It's perfectly justified. But as my Pappy taught me, better to get revenge than feel "outraged" (lol). Right? Thanks for your clear thinking and comments. Two

Hi, blasher. You're right, I misunderstood. Yes, contracts should always be honored. If in fact his contract was drawn up two years ago, all the more reason to honor it. Unfortunately, it has been reported by the media that many top-executives' contracts and bonus pay-outs were drawn up hastily and approved literally at the last minute. I hope the man you wrote about doesn't have his bonus taxed by an unfair law. I hope, too, that if he continues with AIG that he is able to work with other employees there to turn around this company and change the corporate culture that created financial failure for itself and the nation. Thanks for the update. Two

Hi, DoubleTop, good points. The 90 percent "bonus tax" will never get passed, you know that. It's just another smokescreen. The bonuses assigned to AIG employees, regardless of their circumstances, were paid out using taxpayers' dollars, not company profits. Two