Complements of Ibankcoin.com/flyblog Enjoy…

This very interesting video done by Judd Bagley takes some time to load, about 18 seconds, But is well worth watching in it’s entirety which is about 20 minutes. All I can add is “What really happened to Elliot Spitzer”? I think the poor guy got what is equivalent to the Horse Head in The Bed, remember he was all over this stuff…

Hedge Funds and the Global Economic Meltdown from Judd Bagley on Vimeo.

Share your thoughts

Some U.S. policymakers believe that the domestic auto industry needs a multi-billion $hot in the arm, but the sticking point seems to be where to find the funds. Rep. Barney Frank (D-Mass.) is calling for a portion of the financial sector’s $700 billion TARP buyout to be apportioned to Detroit, but Treasury Secretary Henry Paulson doesn’t like the sound of that at all. Instead, Paulson would like to see the automakers get the $25 billion they’ve already been promised, and suggests that it be made available as soon as possible. Of course, that money was supposed to go towards retooling the industry to make more fuel efficient cars, not necessarily as a cash-infusion to keep the Detroit 2.8 running. In any case, Frank has called for a meeting with the heads of each automaker in Washington next Wednesday to discuss whether a new loan for Detroit should be sectioned off from the TARP fund. This could get interesting.

[Source: Detroit Free Press, Photo by Alex Wong/Getty]

Not much to say here plus I need to review shorter time frames, just out of time for today.

Support looks like just under 8K, Break that and we go down hard to under 6k and possibly 4K were there is real  support.

Remember we are in a longer term down trend and in a Bear Market. The short covering in always very strong in this environment. I would be selling anything in the 10K area but need to drill down for more precision just look for 50% Fib retraces to resistance in smaller time frames.

I will try to update some Ideas before the open tomorrow.

Regards,

David G.

Will the NASDAQ repeat History?

While Fridays close left some powerful reversal patterns on most charts we still must consider the following. 1. Possible H&S, Head at 5K, Left shoulder around 2K in 1998 and Right Shoulder in 2002. The Neckline looks just below 1500.

2. The last big sell off in a measured type move points to the 700 area which also looks like a 1272 extension and some old support.

My guess is that if we break that late 2002 pivot low at about 1200 we will move to the 700 range with such force due to panic that the momentum could carry us down to the 500 range before a bounce.

The only way we move higher is to break above the 3000 resistance with Volume.

This was mentioned to me the other day while talking with friends about my personal Day Trading Disaster while looking at several charts, ” Candle Range”. Simply stated I Swing Traded the Market from 1998 through 2004 with great success and Started Day Trading in July of 2005, I was broke by the end of 2007. Just looking at the trading range of the candle sticks you can see nice wide range days when I traded well and the entire time I day traded nothing but tight range days.

Additionally my early trading days were done for fun, I love the Market. Day Trading was done for income and under severe strain of trying to earn an income, that didn’t work.

Such is Life,

David G.

The YM Close 10-09-2008

OK, just real quick for Today. Overhead resistance from the bottom up:

8400

8600

9120

9300

8470

8333

9635

Support on the Downside:

7480

7400

7200

Then all the way down in the 4000 to 4500 range.

So who is Henry Paulson, Treasury Secretary, Goldman Executive. Does he know the Market is Toast? Why did he push for the bailout? He can read a Chart, can’t he?

Jon Stewart Rips On CNBC, Rick Santelli (VIDEO)

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Tags: JonStewart, Rick Santelli, Daily Show, CNBC