Mr. Market

I don't like this market. It's no fun and people are still losing money. I guess you could say I don't like not liking the market. Yesterday's tragicomedy of bankers and politicians was more of the same. Citi and BofA still don't need more money. Sen. Dodd is still bitching about bonuses. The govs are still not going to nationalize the banks.

<--- That's a 3-year chart on the S&P 500. We are within spitting distance of the November closing low of 752. Most technical analysts will tell you that if we breach that, look out below.

The key in my opinion is the balance sheet of the banks. The financials are acting like they have one big combined balance sheet and it's busto. The only good news is that it may not be, and if Geithner has a plan to really begin to move the toxic assets, there may be hope. Be careful though. Down is still bad and hope is still not a strategy.