$Market Closer$ Hard Close Today

As this blog goes to print, it looks as if the Dow is going to close down today.

With 35 minutes to close, the Dow is down 149 point to 12489.

Oil is at $120.65, up 30 cents pb.

Comex Gold is up to 896, up $4.50 po.

The rumours that the investment banks were spreading to the street, in terms of the rating agencies not knowing and not understanding how to calculate the debt on the investment bank books, are finally catching up to them. This looks like it could be the second major shoe to drop, and it could create a ripple large enough to exhibit the ever talked about "capitulation", that in the end could spark another rally, like we have seen for the last 2 months.

So, as we enter, we exit, only to enter again!

Exit positions or hedge, that is the question. How are your trades holding up right now? These are the questions to ask yourself. Are they defensive(HUM)?

Good Fortune from Trade-Equity.com!!!

$Market LunchBox$ No Confidence In The Banks!

The banks are falling apart today. The SKF is rallying, while the Dow is off about 180 points to 12458 at 1:15 EST. Wachovia and Washington Mutual are getting rid of their CEOs. We are looking at the next quarter of earnings for Financials, and expect very difficult numbers to digest. People are starting to analyze these numbers to see if the write down might be lessining, but we think they will be surprised.

Oil is up on a rumour on an Israeli website that the US is getting ready to mount a strike on Iran. This could take oil much higher. Oil is currently at 128.23 (up $1.05). This could also cause gold to hit the ceiling.

Equities look like they might be testing the 12300 this week or next, and then we have 11700 as the next major support on the Dow.

Goof Fortune from Trade-Equity.com!!!