Rollercoaster Week

Up and down, up and down. What a week. The market looks like it has stabilized a bit. Most blogs are calling for the bottom and a rebound towards the end of the year. I think that we should have one more leg down before any meaningful rebound will happen. Why? The banks looks more vulnerable now and I think that the next sell down will be led by the banks.

The reading for various US sectors are:

USA	Longterm	Midterm	Shorterm
S&P500	Down	Down	Down
DJI	Down	Down	Down
Nasdaq Comp	Down	Down	Down
AMEX Natural Gas	Down	Down	Down
AMEX Oil	Down	Down	Down
AMEX Security Broker	Down	Down	Down
KBW Bank	Down	Down	Down
KBW Insurance	Down	Down	Down
PHLX Housing	Down	Down	Down
PHLX Shipping	Down	Down	Down
Sig Steel	Down	Down	Down
S&P Retail	Down	Down	Down
AMEX Biotech	Down	Down	Down
AMEX Airline	Down	Down	Neutral (+)