Long deep recession.

The United States is already in a recession and it will be longer as well as deeper than many people expect, U.S. investor Warren Buffett said in an interview published in German magazine Der Spiegel on Saturday.
"If the world were falling apart I'd still invest in companies," he said
Buffett also renewed his criticism of derivatives trading.
"It's not right that hundreds of thousands of jobs are being eliminated, that entire industrial sectors in the real economy are being wiped out by financial bets even though the sectors are actually in good health."
Buffett complained about the lack of effective controls.
"That's the problem," he said. "You can't steer it, you can't regulate it anymore. You can't get the genie back in the bottle."
Tracking the Dow on Friday,23/05/08


9:30am--Bearish Gap-Down.
Nearly 50.0 hefty points.Soaring oil prices, renewed concerns about the state of the financial sector and growing concerns about inflation pressures are dictating today's market.
10:30am--1st hour Bearish low.
The 3 bearish crows followed by graveyard dojis.It's now nearly a 150.0points crash.To sell short the market is impossible at this moment but to buy for a small technical rebound is the option.
11:30am--2nd hour hammering the downtrend.
Time for a technical rebound before the morning session ends.
12:30pm--Bears hammer.
The rebound failed to test the MAV so its a confirmed bear trend since the gap till this moment has not been covered.
1:30pm--False bulls.
A technical rebound.
2:30pm--Attempting rebound.Main candlestick a long black bar.
Existing home sales in April fell 1.0% from March to an annualized rate of 4.89 million units. That was better than expected but the rebound is unsustainable since we're now in the bear country.
3:30pm--Bearish hammer.
The double bearish top,all failed to test the MAV.It's injury time so no hope.
4:00pm--A graveyard doji.
Unwinding for the long weekend in view of Monday being a public holiday-Memorial Day.The bears will still be in control.

It's the downtrend.Monday's shooting star candlestick signal's the theme play for memorial of a fallen hero.Traders unloaded shares ahead of the long Memorial Day weekend.
Traders will look ahead to a short but action-packed week ahead in economic data.The week kicks off with the March S&P/Case-Shiller home price index and May consumer confidence on Tuesday. Durable goods orders for April follow on Wednesday. Preliminary first quarter GDP and weekly initial jobless claims are on tap for Thursday. The week wraps up on Friday with April personal income, May Chicago PMI, and final Michigan consumer sentiment for May.