Yep, Tuesday Downturn

Today was a good start on the move back down today. Goldman Sachs earnings looked good initially but the stock took a 10% haircut today for a couple of reasons. One of which was the 5 billion in new stock they were selling and the other was that in their earnings release there was an extra month (or a missing month) in there. They changed their calendar year and the month of December which was a huge loss somehow got lost in the shuffle and not included in their numbers. ALSO, in January and February they received huge payments from AIG for bad investments (AIG insured them). Unbelievable. Our tax dollars going to AIG in order to payoff Goldman who also received bailout money and Goldman tries to pass it off as "profit". Manipulation at its finest.

I won't be shocked by one more quick pop up but I don't think it'll actually happen. Intel released their numbers after the bell and are getting smacked down in afterhours trading.

770 is looking like a valid target. Two steps up, one step back. 666 - 864, 50% retrace is typical, would take us to 765.

Check out the new addition to the My Blogs list on the left. Robert Reich, the former Secretary of Labor has some very interesting things to say in his posts. Today he talks about Tim Geithner about to go back, hat in hand to Congress to ask for more TARP money... unbelievable.

We're still a long way from this entire mess being fixed and better. The rally we'll see that takes us to Dow 10,000 will be the last gasp of hope... and then reality will set in.

But we know what's going on and we will be prepared for it. Right? Right.