Punishing Wall Street crooks.

The surest way to punish all the greediest beneficiaries of the recent Wall Street hogfest would be to let their companies collapse one after the other. But millions of Americans--maybe even a majority--would be dragged into the wreckage as the value of their homes, retirement plans, investment portfolios, and college funds collapsed. Would vengeance be sweet? Hardly. So instead of mutual assured destruction the Treasury Department, and the Federal Reserve could punish the villains while safeguarding the overall economy .
In his speech Wednesday night, President Bush tried to persuade Americans to support his administration's $700 billion economic rescue plan by emphasizing how inaction could hurt all .
"America could slip into a financial panic.... More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet.... If you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors and millions of Americans could lose their jobs.... Ultimately, our country could experience a long and painful recession," said Bush.
Tracking the Dow on Wednesday,1/10/08(Wednesday.)
9:30am:--A 100.0 points bearish gap down followed by hammer.
Muted reaction to a better-than-expected private employment report. Private nonfarm employment fell by 8,000 in September, according to employment services firm .
10:30am:--Graveyard dojis.
Just reported, the ISM Manufacturing Index fell 6.4 to 43.5 (consensus 49.5). A reading below 50 is intended to reflect contraction in manufacturing. ISM prices paid, which includes energy and food, but excludes crude oil, fell a sharper-than-expected 23.5 to 53.5 (consensus 73).
11:30am:--Ascending soldiers retracement.
Oil futures are down 3.8% to $96.85 per barrel, gasoline futures are down 5.0% to $2.33 per gallon.The Senate financial market rescue bill would allow the FDIC to borrow an unlimited amount of money from the Treasury, according to The Wall Street Journal.
12:30pm:--Opening gap down being filled.
The Senate is going to vote on its version of a financial relief plan this evening, according to reports.A shooting star high seen.
1:30pm:--Pullback to MAV.
Ford (F 4.52, -0.68) reported a sharper-than-expected drop in September North American auto sales.
2:30pm:--Bearish dojis.
Warren Buffett said he was approached by General Electric (GE 24.70, -0.80) regarding the recently announced $3 billion investment.
3:30pm:--Retracing to bull pivot point.
The morning star seen.Manufacturing contracted by a larger-than-expected amount in September.The ISM Manufacturing Index fell to 43.5 from 49.9 (consensus 49.5) -- its lowest level since October 2001. ISM prices paid, which includes energy and food but excludes crude oil, fell a sharper-than-expected 23.5 to 53.5 (consensus 73).
4:00pm:--A graveyard doji at bull pivot.
Are the manipulators going to sell on news of the new proposed bill?Quite posssible again.
The bearish hangman with its long lower shadow resting on the September bear pivot is another bit of concern.
Are they going to do another rout in memory of the previous October Crash anniversary.
Let's hope after Christopher Columbus Day holiday will give the financial markets a smooth sailing.