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Tuesday, March 3, 2009

Selloff Tuesday?

Monday has confirmed market collapsing. After Market hours, Obama has announced more money thrown at the banks with 'Bad Bank' Funding Plan Starts to Get Fleshed Out . We'll see if Tuesday can get some meaningful traction to reverse. I would be more convinced if the government announced MEANINGFUL changes, other than "throw cash" at companies.

This could get ugly quickly. If the market screams down, Gold, oil, and all resources are likely to sell off along with the market. However commodities will be the place to be post-crash, so if your in cash, be "cheap" and buy into resources when it looks cheap enough to you that its a gift.

Cash is best. I lightened up a bit today, and already I'm wishing I sold more. More countries enter into unrest, as the Ukraine has joined Iceland, Latvia. Two ceo's resigned Freddie Mac & BlackWater founder.

Europe has pledged to NOT bail out the eastern block. THAT isn't going to help things.
At the end here I have a rather depressing (no sharp objects around when watching) interview with Jim Rogers, where he states (I could not corroborate) that eastern block countries bought mortgages based on the yen! That is DEADLY. The Yen has rised in value compared to those countries, and I imagine it is crushing people with mortgages there.

In any event, below is S&P 500 graph. 400-450 is the taget, but 200 is not impossible.
From WebSurfinMurf's Financial Blog

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