On the daily chart, notice the following:
– All the SMAs are moving lower
– The shorter SMAs are below the longer SMAs
– Prices are below all the SMAs
– Today’s price action stopped the bleeding, but didn’t do much beyond that.

Mira… Eso tú a mi no me lo dices en la… pista de baile un sábado por la noche.

From Bloomberg:
The U.S. Securities and Exchange Commission and the Financial Accounting Standards Board may issue additional guidance on fair-value accounting rules, people familiar with the matter said.
The SEC may say companies can rely more on assumptions such as expected cash flows in assessing how much assets are worth, said the people, who declined to be [...]

This is bullish. King Dollar.

From Bloomberg
House prices in 20 U.S. cities declined in July at the fastest pace on record, signaling the worst housing recession in a generation had yet to trough even before this month’s credit crisis.
The S&P/Case-Shiller home-price index dropped 16.3 percent from a year earlier, more than forecast, after a 15.9 percent decline in June. The [...]

From CNBC:
First, the money rushed into hedge funds. Now, some fear, it could rush out.
Even as Washington reached a tentative agreement on Sunday over what may become the largest financial bailout in American history, new worries were building inside the nearly $2 trillion world of hedge funds. After years of explosive growth, losses are mounting [...]

OK — we’re back. I hope everyone had a decent night sleep (if that was possible given the circumstances).
Let’s look at the charts.
Click on them to get a bigger picture:

Notice the following:
– The markets opened lower. This was not because of the bail-out package but because there were several other bank [...]

OK — take a deep breath for a moment. I know it’s probably hard right now. But this is not the time to do any analysis. It is the time to walk away until tomorrow morning.
I will have a complete market analysis up by 8AM CST — that’s a half [...]

A number of Republican House members and staff, along with others who are plugged in, are telling me that Nancy Pelosi and the Democrats will come back with a new bill that includes all the left-wing stuff that was scrubbed from the bill that was defeated today in the House.
As this scenario goes, the House [...]

From Marketwatch:
The Fed said it was boosting the size of its dollar swap arrangements to $620 billion from $290 billion previously. The agreement, with nine central banks, allows authorities to provide short-term dollar loans to commercial banks in an effort to ease short-term funding woes that have resulted from reluctance by commercial banks to [...]