Banks undersiege.

Banks and thrifts are struggling against a rising tide of bad loans, and it is becoming increasingly clear that some lenders won't be able to escape
Those gloomy scenarios could be avoided, however, if the U.S. economy and housing market rebound soon, which would help consumers and businesses that have fallen behind on their loan payments.
Even signs that the worst is over could bolster the confidence of healthier banks enough to spark a flurry of takeovers that would rid the industry of some of its weakest performers.
But at least for now, as the turmoil worsens, signs are emerging that consumers, who generally thought little about the safety of their deposits when times were good, are having some second thoughts. More likely than the kind of exodus of depositors that quickly sank IndyMac is what some bankers are describing as a slow-motion "walk on the bank," which could cripple financial institutions already weakened by credit problems.

Amid the steady drumbeat of bad news about banks, some depositors are already shifting money to institutions they consider to be better equipped to weather the storm sweeping the industry.

Tracking the Dow on Monday,14/07/08


9:30am--140.0 points Gap Up.
Fannie and Freddie will be allowed to access the Fed's discount window. Separately, IndyMac Bancorp (IMB) was taken over by the FDIC after a run on the bank prompted its collapse.
10:30am--Complete Gap Fill,Pullback.
Hangman seen.
11:30am--Bearish Dojis Spin
Difficult to open any position as a rebound will have limited range while shorting the market at already low end is risky.
12:30pm--A dragonfly doji.
The stock market drifts back toward its session low. Once again, financials (-5.1%) are the main drag, although there is selling interest seen across all ten economic sectors.
1:30pm--Double bottom.
A bullish dragonfly,buy.
2:30pm--Spinning Top.
Sell close position for small gain.
3:30pm--Spike up.
Treasury Secretary Paulson announced a plan that has three main parts: (1) to temporarily increase the line of credit that Fannie and Freddie have with the Treasury (2) give temporary authority for the Treasury to purchase equity in the companies and (3) give the Federal Reserve more oversight on the companies. Congress must approve the plan before it is implemented.
4:00--A four-legged doji.
Stocks to jump start again.

The Friday's bottom shadow has been covered,so now it's the turn of Monday's upper shadow.