By now you know the Bailout was defeated..

This is a good thing, but there is still much pain down the road. We still are in a major credit debacle, and we will probably still go into some level of economic malaise normally referred to as a "depression" but at least the damage to the dollar could be somewhat less. Assuming this verdict on the bailout holds, of course...


Now, looking at the $NDX monthly chart, there are two things that stand out. (1) I think I see a huge A-B-C pattern, with a terminus around 1485.16. Also the price action has fairly deeply penetrated the MONTHLY Bollinger Bands. Very rare event. On the face of it, it could produce a violent snap-back rally. But be careful, we are still in a vicious bear market, it could still go lower tomorrow. In fact the $SPX log chart pictured shows that we are close but not yet on the lower trendline for that index. But we are close as you can see....

The $NDX log chart is coming, but just to let you know, it has busted right through all of it's trendlines...