7/14/08
Well, well, the fed and treasury both cannot save the day today as Dow still down 45 points after retest the 11000 area. Major indexes are still trading in downward channel in 15 mins chart and still keep in bearish continuation pattern. Today, all regional bank stocks are getting fire sale. The last friday news of Indymac bank failure has affected other big regional banks nationwide. This is another new banking crisis just start as I wrote about that very early this year. FDIC has a failure list of compose over 300 banks. Believe it or not, the IMB(Indymac is not even in the list). Look like the market cannot turnaround if the financial and banking keep rolling downward sharply. Despite some technical indicators are posting extreme oversold level and ready to reverse, the market participants hate the uncertainty. Also, the Fed has no ammo left to lift the spirit up(That's I said it early few months ago too). The earning seasons is in play now. The C, MER,...are going to report this week. I still keep very very bearish as of today. No bottom signal yet.
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