Market Update

Hello Rebels,

Sorry for the lack of a pre market report today. Had a small emergency this morning that had to be taken care of. All is OK now.

When the market opened this morning the US dollar had already set another record low against the Euro. The dollar just keeps getting weaker.

There was no significant news events this morning that would be market movers. But just moments ago the United Auto Workers called a strike against General Motors. At all the GM plants across the country the workers are walking off the job now. Be aware that AKS Steel (AKS) may fall in sympathy with GM as they are a large supplier to the auto industry. If you have a long swing trade in AKS you may want to cash out. No telling how long the strike will go. So why take the chance if your holding AKS.

So far the markets are trading with trepidation. The financial sector is in the red again and is pulling the broader markets in. No confidence in the financial sectors yet. Ironic, the rate cuts were supposed to benefit the financial sectors but it is not working.

Another update later.

Hope you all got to check out the new stock market show (see earlier post).