20090507 PM

DOW 8,409.85 -102.43
NASDAQ 1,716.24 -42.86. Weakest index with volume coming off these highs.
SP500 907.39 -12.14. Look for 860 within a few days. Watch what it does at 815-800.
Indices gapped higher in the morning then faded all day. While the point loss was not dramatic, there was volume off the top which signals a larger correction. Most indices had reversals.
Watch volume the rest of this week to get a feel for the severity of this pullback.
Using mark-to-market real numbers, big banks are technically insolvent. The "stress test" was a bad joke on everyone.
Longer bonds are imploding. The Federal Reserve can't keep a lid on the rates.
GLD 89.44 -0.10
SLV 13.60 +0.08
PTM 13.94 +0.19

FAZ 5.672 +0.432 (8.24%). 52 week range 4.61 - 201.86. Intraday 52 week low made at the open on gap down. Yesterday was highest volume day, and today had even more volume.
TRE 2.95 -0.04. Sell order at 3.04 sold most of my shares.
TWM 48.00 +2.15
TZA 27.83 +1.71 (6.56%). Direxion Small Cap Bear 3X Shares.
XLF 12.12 -0.36

APL 4.72 +0.28. 11.8% dividend.
COIN 1.57 -0.14
CROX 3.47 -0.22
EEE 1.17 +0
ENER 15.89 -3.99 (20.07%). Light volume on up days, big volume on down days. Potential short if it can open up tomorrow or the next few days. This is going a lot lower.
FIG 5.69 -0.78 (12.06%)
SRS 23.16 +2.34
TLT 94.71 -2.37. iShares Barclays 20+ Year Treas Bond. Smoked! March 18 announcement by Federal Reserve of buying debt (quantitative easing) spiked the bonds in biggest move ever. It has given it all back and more. Interest rates are going higher and maybe much higher. Higher mortgage rates will put further hurt into the housing market.
URE 3.63 -0.52 (12.53%). Big volume. Had sold this long holding last week at 3.85.
XHB 12.88 -0.81 (5.92%). Homebuilders index down with volume.
XLE 49.72 -0.65