NATIONALIZATION! NATIONALIZATION!
RUN FOR YOUR LIVES!!!!!!
It's anyones guess as to how far "they" (Obama) are going to let this fall. A Monday morning capitulation with a stampede rally would be textbook. This market has yet to capitulate on a Monday morning - It would be nice to see one.
1:50 - Well it appears the suspension of the mark-to-market accounting rules rumor has been swirling around this afternoon. The administration may be using that rumor to keep things from totally unraveling like they were this morning until they have all the details worked out. I would suspect that if we don't hear anything tangible soon - the market will give back most of the gains.
At this point the administration holds all the cards and is in the perfect spot to have a "controlled" test of the lows with a powerful countertrend rally. Remember it was the introduction of Geithner as Treasury Secretary in November that pulled the market out of the death spiral it was in.
Traders have a bad habit with complaining about market manipulation - but it is a fact of life in trading. It's best to be prepared for it, especially when it is being telegraphed from all sides.
As Tom Hanks says, "There's no crying in baseball!".
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