Another Hope Bag Found - Hopeless?

The markets broke the last of some serious technical indicators around the 888 area today. Fundamentally the train wreck just keeps expanding. I raised the red flag last week on banks and questioning the current rally with banks being left behind. Today the banks were leading the market downward. Citigroup showed how sick they really are with this potential broker deal with Morgan Stanley. The word desperate comes to mind Now you have the democrats focusing on "putting it to the banks." More reversions for TARP increasing conditions on banks who take TARP money. All this very bad for bank stocks. Even the brief respite in commodities seems to be over. A large portion of this spike in things like oil and copper was due to the rebalancing of the commodities index which greatly increased the short term demand for oil future contracts (and other metals like copper). It looks like we are headed lower and the idea of Obama rally may be over. Fundamentally there appears to still be many names to short. The construction and material sector being one of them.