US in recession.

The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes.
The situation looks even worse for the fiscal year that begins July 1 in most states.
"Whether or not the national economy is in recession -- a subject of ongoing debate -- is almost beside the point for some states," said the report to be released Friday by the National Conference of State Legislatures.
The weakening economy is hitting tax revenue in a number of ways: People's discretionary income is being gobbled up by higher food and fuel costs, while the tanking housing market means people are spending less on furniture and appliances associated with buying a house.
Last week, the Washington-based Center on Budget and Policy Priorities said 27 states are reporting projected budget shortfalls next year totaling at least $39 billion.
President Bush said Tuesday that the economy was not in a recession but a period of slower growth. However, some economists have pointed to the string of declines in manufacturing orders to argue that the economy has fallen into a recession.
Tracking the Dow on Wednesday,18/06/08
9:30am--Bearish spike,60.0 points.
Shares of FedEx (FDX) are under pressure in premarket trading after the company reported lower than expected earnings, and issued full year guidance that is well below expectations. Fifth Third Bancorp (FITB) announced its is raising $1 billion in capital and cutting its dividend in an effort to shore up its balance sheet. Morgan Stanley (MS) reported a 61% year-over-year drop in second quarter earnings per share, but that was good enough to top expectations. Crude oil is trading up 0.4% ahead of the governments weekly energy report.
10:30am--Session low,no sign of gap filling,bad.
One day after Goldman Sachs said U.S. banks may need to raise as much as $65 billion in additional capital, regional bank Fifth Third Bancorp (FITB 10.91, -1.82) announced plans to shore up its balance sheet. Specifically, the Ohio-based bank is going to raise $1 billion in fresh capital, sell $1 billion in assets and cut its quarterly dividend by 66% to $0.15 per share.
Candlesticks main pattern:Unshaven top and bottom with long black bar.
11:30am--Inverted white hammer .
Open a buy-long position and plan to sell close position around session MAV.
12:00noon--A spinning top,MAV reached.
Technical rebound so clear position for small gain.
12:30pm--Dark cloud cover.
Just hitting the wires, the Department of Energy said crude inventories for the week ended June 13 fell 1.24 million barrels, a smaller decline than the expected 1.75 million decrease. Just prior to the report, crude was trading near the unchanged mark at $134.0
1:30pm--Bearish cover.
Shares of MF Global (MF 8.65, -4.61) -- a broker of exchange traded futures -- have tumbled 35% after the company announced it is raising $300 million in capital to repay a short term loan that is due in December 2008.
2:30pm--Bullish spike up,retracement to MAV.
Crude oil futures climb to a fresh session, up 2.00% to $136.67.
3:30pm--Hangman.
Aiming back to session low.
4:00pm--Another graveyard spin.
The major indices settled with steep losses on Wednesday, after traders digested mixed earnings reports, news that another bank is raising capital and volatile crude prices.
The three black crows swooning in to feed the carcasses.