Wall Street has cast its vote on Geithner's Bank Bailout Plan, and it's thumbs down. Both the President and the Treasury Secretary have declared that the economy will worsen, and the street apparently does not have confidence in their stimulus or bailout plans. So, down we go past the support level of 850.
Even before the announcement, the $TICK moving averages were below zero, and the NYSE Up minus Down Volume was trending down with no up candles all morning. The Washington politicians simply have not given traders a reason to stay long in this market.
Charles
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