May Day

Sometime, long ago, before time was even timed I ticked off the wrong darned person. The worst thing is that this guy is still holding some kind of grudge after all this time. Back off man! I do see positive things coming from all this, I have a lot more empathy for those around me, and I realize for the first time since I was in 6th Grade that its not really money that makes the world go around but relationships. Anyway I'm up and out of the hospital. I had a pretty routine operation on Wednesday to remove a lymph node on my inner thigh. It all went well until the time came to “Clean the dressing”, unfortunate for my ever so often unfortunate body the dress (cotton) had coagulated and made a bond to a fairly important blood vein the shoots off the femoral artery, when I pulled at the cotton the blood was then broken. My bathroom looked like something out of the great horror show of all time. I decided to do what I could with it until the local clinic here open (cheaper than the ER and faster than the ER) in about 20 minutes. When I got to the clinic they called the Hospital and they chucked my merry ass down to the hospital. They always seem so cool and collected on TV, but in real life some are and some defiantly are not. In any case, I got some blood and stayed in the hospital a few days. They have 3 star meals and HGTV so what I can really complain about. This is really I think a great reminder though to keep an eye on what you don't see coming. This entire time I've been worried about cancer, and I was about 15 to 30 minutes from “bleeding out” ( I think that is the polite medical way to say you bleed to deal). It came from another direction. This applies in life and fiance equally, its the one you don't see coming that will take your wind way.
Also to hold your own life, and your vital relationships close to your heart, you don't have any idea when you will need them, and like I said above you have idea where it's coming from. Back in 1996 I had a brain surgery and the Docs and they Mayo Clinic had about a 60% chance of removing it, the other alternative was 100%, so I went to with sixty and made it out whole. I was nine-teen at the time. Then around 1998 of 1999 I sat on a nail and figured since Id had a tetnis shot I was fine (shows what you get for relying on me for medical advice) And now most recently this, but it was not cancer could have, should have and was actively working kill me Thursday, it was severe blood loss. I don't know how much of this it take as truth and also how much was me still being in shock, but the surgeon in the ER told me I probably had about 15/20 minutes of “good time” left, whatever that is. I'll have to track him down and ask.
The second point is that I really find myself feeling terrible to be agreeing with Barack Obama on anything. What do I agree with him on? The Fed Tax Holiday on gasoline is nothing but a scam. It's robbing Peter to pay Paul. The tax put on fuel is supposed to go to maintaining our roads and bridges. Well, ask the good people of Minneapolis how the project has gone over the last several years. Take way money and we will see more erosion of critical infrastructure. Not only that, but we will see a large pool of unemployed summer labor. A healthy portion of Americans Workforce is made up of construction crews who depend upon season a hefty part of this nations road work being done in the summer. In an already struggling economy, what do we do with these men and woman? I wish things could always be as cutsie and easy as the pols want you to think they are, but usually bleeding to death kills you before cancer. In this instance we need to address the core problem. So many things could be done even engineering wise before we have to star digging up ANWAR(which make no mistake, we will) and drilling off the west coast of Florida (and again we will) . Economy standards used to move higher every year, but then somehow subburn dad's thought they needed to look like farmers or contruction crew members and started buying picks, then all hell broke lose. At that time oil was under $10 per barrel. We in fact where giving tons of aid to those very seem middle eastern countries we now hate, the who's who through thick and thin (cept that one time so they could show off how buff their arms have gotten) have kept us with a good supply of oil, regardless of the economic hardship or benefit they got from doing so. So....Thats all that.
Just the Facts
S&P500 records a loss of 5.35 points, closing at 1385.59.
The Nasdaq lost 13.3 points, closing at 2412.8.
The Dow ended up closing the day down down 13.30 points, in spite of having been up nearly 180 points earlier.
Thats what we technically inclined traders would call an ugly reversal...more on that later.
The S&P600 (small cap) was down 1.18 points, closing at 378.90.
On the Nasdaq we saw 1457 issues advance on 785 milion shares, while 1460 issues rallied on more than 1.22 billion shares. 83 news where put in vs only 35, showing us that internals remain clearly negative in Nasdaqsville.
On the Nyse the volume numbers where not as pronounced, but still not good. We saw 1641 advancing issues on 651 million shares while the 1499 declining issues put in 684 miilion shares. New Highs led New Lows on the Nyse 53 to 23.
Yesterdays market action, as I mentioneed earlier is what we would normally term a downside correction day. For this to occur all you need is to have the major indexes up heavily going into the afternoon but for something to cause that gain to be reversed and brought into negative territory, and for that something to cause volume to be heavy. We had exacty that, and so the odds are that an important short to intermediate term trading low has been put in. I'd caution against getting too cocky with this though because in spite of itself some areas of the market are holding really well. Several names have been showing strong downside leadership the last few days/weeks as the market has been posotive. Among them MMM, MAS, NWS and KB. On the potential upside ITU had a massive breakout yesterday, as did PNRA (my favorite place to eat) and BRMN is worth watching as well.