Banks tightening credits.

The credit markets are fragile,the banking instituitions are tightening credit for consumers and businesses which have reached historic highs.

.About 70% of domestic lenders have made it harder for consumers to get home equity lines of credit, while about 50% have tightened terms for those with existing home equity loans in the past six months. In some cases, the amount of the loan has been cut. The tougher standards are a response to falling home prices.

•About 30% of U.S. banks have ratcheted up standards for credit cards, compared with 10% in the previous three months. Banks are reducing credit limits and requiring consumers to have higher credit scores.
•Banks expect to approve fewer student loans this year than they did in 2007. Of the 29 domestic banks that originated student loans under a federal program last fall, many expect decreased business.

•About 55% of banks reported imposing tougher standards on commercial and industrial business loans to large and middle-market firms.

•Nearly 60% of domestic lenders have set tougher standards for safer prime mortgages, while an even larger slice of banks making riskier loans has tightened up.

Tracking the Dow on Monday:05/05/08.

9:30am--Traders reacted to another surge in oil prices and Microsoft's decision to drop its bid for Yahoo.The opening was a 30 points spike down.

10:30am--The opening bell gaps was half-heartedly being cover.At this hour,the candlestick formation is a shaven top bearish so wait to confirm again.

11:30am--The morning session low was seen half hour earlier.Any sign of rebound will not break the MAV due to the bearish shaven top candlestick.

12:30pm--A bottom dragonfly doji,technical rebound.

1:30pm--Another bull trap with the movement all below the MAV.

2:30pm--A technical rebound with too many bearish doji tops.

3:30pm--Another bearish spike down.

4:00pm--the closing ended with mutiple dojis.

The spinning top has blown off the light of the candlestick eversince it was hanging on the bull pivot.Monday blues have covered the half body of Thursday candlestick.The other half should not be disturbed as the market makers have brought it to close at the MAV again.