The Dow gapped up about 100 pts of the 173 it was up today. It looks like we closed the gap down from Tuesday. It also turned out to be a great day to not be short IRE or AIB. Remember, I closed last week sometime and I was upset that I closed a bit early, but overall, it turned out to be the right decision.
What a great day to coincide for a great performance with GM's SPO (Second Public Offering). Unfortunately, GM could not be short-sold today. However, it still declined 5% intra-day. Fantastic.
So in order to bailout Ireland, more debt was taken on by it and other countries? That sounds like a huge plan for failure. Isn't too much debt what got us into this mess? Extend and pretend.
That is what I don't understand about a lot of this: the failed business models - of sovereigns and the state sponsored companies (TBTFs) - have not been changed, we've just thrown more leverage at them and started to pray more.
No charts. Its late. Short-term indicators are around 72% bearish, but becoming more bullish. Medium term basically unchanged from yesterday. McClellan is in a downtrend still, but had a strong day today rapidly slowing the rate of decline.