Obama’s job- creation program

Obama spoke a day after a government report showed employers in the U.S. slashed 533,000 jobs last month, the biggest decline in 34 years. The losses are “another painful reminder of the serious economic challenge our country is facing,” Obama said.
The speech offered the first details of Obama’s job- creation program. He said the investment in infrastructure will be the largest since President Dwight D. Eisenhower created the interstate highway system a half-century ago.
Obama takes office as the 44th president on Jan. 20.
Tracking the Dow on Friday,05/12/08.
10 Days to QUADRAPLE WITCHING DAY.(dow index/options expiry)
9:30am:--A 100.0 point gap-down bearish start.
Moody's affirms Credit Suisse ratings, changes outlook to negative

10:30am:--Bearish engulfing.

Crude oil has pulled all the way back from its highs, made in overnight trade, at $44.47 to trade near the flat line; currently off 7 cents to $43.60.

11:30am:-- A double bottom.

Pessimism has been underpinned by the latest jobless data. November nonfarm payrolls fell 533,000, which was a steeper decline than the drop of 335,000 that was widely expected.

12:30pm:--A morning star.

Merrill Lynch stockholders approve transaction with Bank of America (MER) 11.91 .

Crude oil makes fresh lows at $41.84; currently off $1.62 to $42.05.

1:30pm:--Inverted bull hammer.

Central Bancorp receives $10 mln of new capital under U.S. Department of Treasury's TARP Capital Purchase Program (CEBK) 5.25 +0.49 :

2:30pm:--Bullish harami.

Old Line Bancshares receives $7 mln investment from U.S. Treasury (OLBK) 7.50 0.00

3:30pm:--Ascending soldier.

Crude oil sets fresh session low of $40.50 with minutes left in the session... currently -2.87 to $40.80 :
JP Morgan Chase to participate in FDIC programs (JPM) 33.47 +2.27 : Co announced that it has elected, on behalf of itself and its eligible depository institutions, to participate in both the FDIC Transaction Account Guarantee Program and Debt Guarantee Program.

4:00pm:--Closing near day's high with slight profit-taking.
The Dow is heading towards the bullish pivot breakout.The overall December candlestick pattern is currently a bearish hammer with a long tail shadow beneath which is the range of play in the event of any adverse geo-political news.

If a Dragon-fly Doji is being formed,the bulls will go on a rampage again right on time for the Christmas Day yuletide and an early year end bang with lots of fireworks.