Today's Markets

Companies that rely on gas guzzlers had big sales drops.

Moody's fired the head of the their structured finance department.

OPEC blames a weak dollar and speculators for high oil prices.

Sugar hits a three months high.

The ISM Manufacturing index rose a bit.



A very volatile day. Notice the following:

-- Prices fluctuated heavily between bull and bear twice

-- Notice the market broke through two levels of resistance

-- Also note the 200 minute SMA provided some resistance at first

-- The market closed near a daily high

-- Remember that in the big picture the averages are looking at a possible bear market, so anytime we see these huge drops we'll probably see some buying



-- Like the SPYs, we have a lot of volatility

-- Notice the gap up with about an hour or so left in the day

-- Prices broke through three levels of resistance in the last 2-3 hours of trading.



A lot of up down up action. However, notice that prices never got above the 200 minute moving average.