Rollercoaster Ride

Last week the market was put in a state of great anticipation on what might be a plan to bailout the banks, then it was greatly disappointed by the lack of details from the announcement by the Sec. of Treasury. If that wasn't enough, there was the stimulus bill that was being pushed through congress in the same manner as the TARP I. From these DC gyrations, the market had a mini rollercoaster ride.

Looking at the charts for the DJI, SP500 and Nasdaq 100, it appears the DJI and the SP500 are most vulnerable to break support and head toward the November 2008 low. The Nasdaq 100 show a bit of strength riding above the 50 SMA. But the earning report from HPQ coming out in mid-week can tilt the tech heavy Nasdaq 100 back in sync with the DJI and SP500. Here are the charts, click on it to view the comments.