Credit woes spillover.

The market really is focusing on the extent to which problems in the credit markets are spilling over into the real economy.Earlier this week saw disappointing results from aluminum producer Alcoa Inc. and a warning from chip maker Advanced Micro Devices Inc.
On Friday,GE injected anxiety into a market by posting a disappointing smaller-than-expected profits.Adding to the salt was a weaker-than-expected reading showing consumer confidence at a 26-year low subdued any positive sentiment.
Early clues on the direction of the economy and markets in the months ahead will see Merrill (MER) and Citi (C), which both reporting on Apr. 18,
Big industrial firms such as Caterpillar (CAT) and United Technologies (UTX) have seen strong sales overseas will see their report results on Apr. 17 and Apr. 18, respectively.
U.S. Bancorp (USB) has been relatively unscathed by the credit crunch will have its earnings report on Apr 15.Other large, mainstream banks such as PNC Financial Services (PNC) on Apr. 17, Wachovia (WB) on Apr. 18, and JPMorgan Chase (JPM) on Apr. 16 .
There were concerns surrounding the specter of further write-downs in the financial sector, rising inflation and deteriorating profit prospects.The first quarter report and outlook from Dow component General Electric (GE), which plummeted nearly 13% added further stress.The final bell candlestick was a Gravestone Doji ,another bad omen.
Friday's candlestick is about 124 points close to the bear main support line.If it penetrates below this main determinant,we will see the sinking of the Titanic .