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Ugly Day in the Market

Overnight, Europeans came to the realization that the ECB and BoE would likely have to come up with their own version of TARP to save their failing banks. Here is the story from Reuters if you want to read it:

Just copy/paste into your browser.

Market breadth this morning is decisively negative, with > 90% of stocks down.

CandleGlance $NYADCandleGlance $NYHLCandleGlance $NAADCandleGlance $NAHLCandleGlance $AMADCandleGlance $AMHL

We are approaching the bottom of the 825 to 1050 trading range on the S&P 500 index. We should see a bit of a rally off the lows, but we'll need to get past earnings reports this quarter before we move toward the top of the range.