The Dow Makes New Lows

Although the Q's have held at the channel support the Dow has broken down making new 6 year lows. I love it when a plan come together.

Unfortunately the economic situations continues to deteriorate. In fact as of Friday Senate banking Committee Chairman Dodd was talking about the possibility of the government taking over some banks.In the meantime safe-haven buying continues with gold crossing the $1,000 mark and silver making new highs. Yes we got back in last week. Even though the golds were looking like the momentum was weakening you always need a re-entry strategy just in case. All other commodities continue to drop with year over year prices now flat. The lowest growth rate in 53 years.

For this week will be looking to take profits on current positions as shorts are over sold and longs are over bought. Of course if the markets continue to crash tomorrow will stay on for the ride.