Major Accumulation Day

9/30/08

It is very great and surprise that we have a major accumulation day today followed a major distribution day yesterday. Technically, it is very oversold to have a bounce. So, we need to see follow through strong up day to confirm the bottom was yesterday. Look like Senate is going to vote the newly revised rescue plan tomorrow. Ayes would create another surge. But what if nope happen again?! Market would sell off right away more than 800 points? I am still seeing this as 50-50. I still against the current plan's form. At least, the credit market is still in dead water. I will try to post the update tomorrow once we know the answer from senate voting. Good luck.