30 September 2008 - 6:25Market Commentary 9/30/08

Our representatives in Congress did their job yesterday and voted against the $700 billion bailout. Stocks predictably slumped but the Dow worked it’s way up to resistance at 10720 this morning. I would not be surprised to see banks take another shearing today since most don’t have any money to lend these days. The international bankers did not succeed at dumping their garbage on the American people. Much to their dismay I am sure, Barclays was down to $22 a share yesterday.

The dollar has retained it’s gains made yesterday after the House rejected deficit spending to cover the bank’s losses. Certainly had this bill passed we would have seen much different moves out of the dollar. For now it is looking strong against the Pound and Euro