After what will most likely end up being the best weekend of 2009 (I can't imagine how I could have a better weekend with the laughter, hanging out with friends, enjoying the outdoors) I am trying desperately to catch up. I have been absolutely slammed the last two days. I work very hard not to be busy because being busy means you aren't thinking and the world rushes by you as you can miss several important subtle hints of where we are going.
The market is sitting very precariously on all kinds of support. We broke 880 today for a little while which was very important. The market seems to be headed lower in the short term. However, I would not be suprised either tomorrow or the next day to see a pretty severe bounce. Often times it seems these bounces come right after we break important technical levels which throws everybody off. Either way it seems like we will be seeing 840 before 940.
To me the big news today which hasn't gotten that much media exposure was a WSJ article that big banks (i.e. Citigroup, BOA, etc.) was going to stop accepting California IOUs. Basically because California does not have the cash they have started issuing IOUs to contractors and other service providers. Then these guys take the IOUs to say Citigroup in exchange for cash. Fewer vendors will be willing to accepts these if they can't quickly transfer them to cash. The pounding hammer on California's cofin is getting louder.
I am seeing alot of interesting stuff to blog on. Just haven't had time. Hopefully things will slow down a little bit but we shall see.
Below had to be the picture of the weekend!!!