The image to the left is actually my work. Digital camera and Adobe CS2.
When I see charts that look interesting, I remind myself that in a bear market all things go down. RBS issued a "scare the hell" missive to its clients. It's worth noting that they are in the center of a credit maelstrom. Someone remarked on another blog: "A worm in horseradish thinks the world is horseradish". It was ascribed as being an old Yiddish aphorism.
I sure wish I still had my Sep DIA 125 puts still. That hindsight thing! I truly expected the market to bounce. It may still. Action is both narrow and nutty: an N² phase of the market.
It's hard to know how much the market has discounted all of the news. I suppose part of the problem is that we really do not know what all of news. These "the worst is over" calls are seductive in that what we are hearing is so bad it seems like IT IS the worst, and then something even worse comes along. I'm still waiting for a little harder hitting news from the Asian banks--even Australia.
Did you know? There are the top 3 insurers of crop failures: WFC, AFG and AFC. That Wells Fargo is one of the largest insurers of crops was a surprise to me.
I've BNI puts, and they just warned. But I was early on my puts--I've JUL 90 puts. Underwater, like the crops.
I hope that you are fairing well. Interesting to note that the precious metals were strong today.