SPX Ranges for Wednesday

DOW Down 300... SPX -4.6% at 789...no support till old lows 741 now...good luck to all

XLF new 52 week low

8.05...they need to reverse split this

Looks all down from here to the close

SPX 2:30

SPX upside here

xlf sayonara

XLF near 52 week lows

Check all from the resource link on stockcharts.com for market summary...ugly day DOW -300 SPX - 4.4% USO - 7% XLF -8%

Triple short ETF's up 10 to 22% here

SPX 12:45

China's Stimulus Plan Ignites Economy

China's Stimulus Plan Ignites Economy 18 comments

By Don Miller

China’s giant $585 billion (4 trillion yuan) economic stimulus package is showing signs of taking effect. Economists now project that China will be the likely leader of an elusive worldwide economic recovery.

Chinese banks heeded the government’s call to extend more credit to support the economy as they issued $237 billion (1.62 trillion yuan) in new loans in January, up a whopping 101% year-over-year, the People’s Bank of China said. The surge provides evidence that state-owned banks are heeding the government’s call to extend more credit to support the economy.

"The banks are fighting for the best projects in the government’s stimulus package,” Ha Jiming, chief economist of China International Capital Corp, told China Daily. "It’s not surprising to see that an array of the deals were sealed in the past month."

The massive jump in lending is equal to about one-third of the loans issued in all of 2008, prompting some economists to say the government might discontinue cutting interest rates.

"The bank lending figures are just a stunningly good piece of news for China," Glenn Maguire, chief Asian economist for Societe Generale in Hong Kong, told Reuters.

Now, it looks like the lending is spurring China’s turnaround. According to the median estimates of 14 economists in a survey released Friday by Bloomberg News, the world’s third-biggest economy will expand 6.6% in the second quarter after slowing to 6.3% in the first quarter.

USO RSI under 30 ..looking for a turn?

SPX 60 Min

SPX 20 Year Monthly

We are going to have one hell of a rally when we hit the right support level

here, or 670 or 600 or 550 or 475?

DJIA

sure looks like it could rip down a lot more...at rsi support now, could turn up if it holds

DOW Chemical

wmt

RUN Down

USO -7%, xlf testing 8.00 lows -7% broke trend to downside, XLU broke down -4% as rates may go higher, XLK holding up ok -3.6%, XLE -5% on oil, WMT +3%, XPL and Transports new 52 week lows, China -3% last night (2,000 target if it wasn't a suckers rally), DOW Chem (DOW) $9 52 wk lows from over $20 last week as div gets cut.

SPX flaging for another possible breakdown.....be careful

SPX 811 808 resistance if it bounces

SPX -3.9% on gap down Open

804 breaks so old lows 741 is last support... Little more panic today as we see VIX over 50 today...IF the market wants to go a lot lower there is room on RSI so we need to see

Over the weekend top Gov't officals stated before us that Automakers are going Chapter 11 and the top Banks are insolvent and will need to be nationalised...duh!

Eastern Europe Country default risk isn't helping eighter

WMT Beats and is the only DOW Stock up here

China 2400 monday close up from 1700

Expecting a blow off top then pullback. Really over bought but they can't short over there