07.14.08 - Talk about...

...an inability to catch hold a bid. We are more or less at the Friday lows after the opening bounce was heavily faded. Cumulative Tick is very negative, though it looks to me like a little accumulation may be happening here.

Glad I refinanced with WAMU before it... just kidding. Did I read that financials have been moving down at the rate of 4% plus per week since the new year? No wonder they are so tempting to hit over and over again. Amazing ranges on the financials -- they are being played heavily.

Separately, it will be interesting to see what impact, if any, the continental shelf drilling ban-lift announcement will have. (edit: Note this will require congressional approval). Also, don't forget that it's option expiry week. It often adds a bid to the market, but also typically introduces heightened volatility. The value to the far right (-1) on the chart below represents Friday's close.