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MV Weather Report: Severe Storm Warning for Markets?


Rain or shine, we review the day's biggest stock stories.

When I was a kid growing up in California, I loved visiting theme parks with friends or family - but they'd always want to ride roller coasters. I hate roller coasters. I don't like the way they make your neck ache, and I especially dislike the topsy-turvy feeling you get in your stomach when you ride one.

The last 2 trading sessions have resembled the Boomerang roller coaster at Knott's Berry Farm: Up, down, backwards, loops, drops - it's been a stomach-turning back-breaker.

For example, around 3:00 p.m., there was a Bloomberg report that the Fed wrote down Bear Stearns' commercial-mortgage holdings. The market shot down just like the Boomerang.

Thirty minutes later, the financials sprung to life, led by Capital One (COF), JPMorgan (JPM), Wells Fargo (WFC) and PNC Financial (PNC), thus saving the day, and helping the S&P close positive.

But are we about to drop again?

Today on the Buzz and Banter Professor David Waggoner offered his thoughts on the S&P:

"Here is the daily chart of the S&P 500 on Monday after the breakdown of the highly probable ending diagonal. The minimum target for an ending diagonal is its base. The closest Fibonacci retracement support level to the base is the .500 retracement level, or 771.

Click to enlarge
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No positions in stocks mentioned.

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