The financial sector buzz saw keeps chewing up the stock market as the bank stocks continue to get pummeled.Real fear and pessimism seem to be taking hold-the Obama administration has lost initiative (did the Rick Santelli rant get any traction in Main Street?) and Europe isn’t facing their problems with exposure to Eastern Europe. Senator Dodd was out this morning saying some banks may need to be nationalized (temporarily, I believe).It seems to me that the best hope for righting the ship of state in the near term lies in the fact that there bearish sentiment is growing-maybe we’re getting closer to some sort of capitulation and denouement.

March SP:Option expiration day, they’ve made two higher lows on the intraday chart.The path of least resistance is lower.The November low at 737.25 is the next target.
March NASDAQ:Back to the February low at 1153.50.January’s low at 1132 is the next objective.
March Treasury Bonds:12830 is resistance; momentum is still bullish.
March Dollar Index:Concerns over the US banking system are weighing on the Dollar. Support is 8661.
March Japanese Yen:Momentum buy day rally, 10806 and 10873 are objectives.
March EuroFX:Breaking trendline resistance, but it’s premature to call this a bull market.
March British Pound: Working up to resistance at 14430I wouldn’t be chasing it on a Friday afternoon.
April Gold:A close over $1000 would be good for the bulls.
March Copper:Tested support at 140, don’t look for this to hold.
May Cotton:the recent low was 4413, will this hold?

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