Shorties booted.

The SEC passed its emergency rules last week after a global market rout threatened the survival of financial companies. The measures forced hedge funds to reveal short positions and barred investors betting on stock-price declines at 799 banks, insurers and securities firms.
In a short sale, traders borrow shares from their broker that they then sell. If the price drops, they buy back the stock, return it to their broker and pocket the difference.
Tracking the Dow on Monday.22/09/08.

9:30am:--60.0 points gap down.
Hewlett-Packard (HPQ) authorized an additional $8 billion for share repurchases.
10:30am:--Hammer
Oct crude makes fresh session highs above the $110 mark at $110.56, up $6.01 on the day (COMDX) : The spread to the Nov contract is +3.04
11:30am:--Bearish inverted hammer.
Moody's says US government Aaa rating remains unshaken.
12:30pm:--Two advancing soldiers.
It's a technical rebound but till this time no sign of filling the gap so the recovery is gone.
1:30pm:--Bearish hammer.
Fitch Ratings has downgraded the Issuer Default Rating of General Motors by one notch to 'CCC'
from 'B-', due to diminishing liquidity and lack of access to capital.
2:30pm:--Shooting stars.
Washington Mutual: Moody's downgrades WaMu financial strength to E; bank deposits remain at Baa3, with review for downgrade (WM) 3.50 -0.75 : Moody's downgraded the financial strength rating of Washington Mutual Bank to E from D+. Additionally, Washington Mutual preferred stock was downgraded to Ca from B2. All ratings of Washington Mutual Bank (deposits and senior unsecured at Baa3, subordinate debt at Ba1, short term Prime-3) and Washington Mutual (senior unsecured at Ba2, subordinate at Ba3, preferred at Ca) were placed under review for downgrade.
3:30pm:--Bearish hammer.
The downgrade of the Bank Financial Strength Rating resulted from WaMu's severe asset quality issues which are depleting its capital base and leading to an erosion of its franchise. These issues are substantially limiting WaMu's financial flexibility and potentially preventing it from replenishing capital and preserving diversified and stable funding sources. This could lead to the acquisition of WaMu by a stronger financial institution with or without regulatory assistance.
4:00pm:--Bullish Harami with spinning close.
A rebound in place.

The bearish harami cover with a small tail on the neckline versus the previous day's session.
Look forward to a rebound.