Well, as expected the bail out plan was almost approved but yet to be put on paper. and the stupid markets pumped the markets up by ~200 points ( my prediction was 300 points, and at one point the markets were up 280) on the hope that it is going to bring the porblems to an end. But well, other data that was released today point the direction to the other way.
The reports on home slaes, weekly job less claims and durable goods were dismal.. Home sales - there were only 460,000 new homes sold at an annualized rate. Economists expected about 510,000 sales. July's report showed 520,000 and June showed 500,000. Durable goods - lets stop by saying that this months report was the worst durable goods report since Jan 08.. Job claims- weekly claims jumped by 32000 to 493000 - this marks the highest amonut of claims since sep'01. And teh economic bellwether GE, has cut its estimates for the next quarter and the year. My view, the markets are going to end red tomw and going forward.. ( I hope I am wrong, as I am not short any, but long in almost 8 securites)
Good taht I was out of gold (AUY). Technically, AUY and Gold spot prices should have traded up today, but they didnt. Time to buy them again - Gold might as well reach 950 levels again in couple of weeks.
Otherwsie, nothing much is happening in the market.
Breakin news: WM was acquired by JPM.. biggest bank going down ever. S&P futures are down and gold is up!!
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