Didn't I say "just watch"? We didn't have to wait long for this:
U.S. Stock-Index Futures Drop; Humana, UnitedHealth Retreat
By Eric Martin
March 12 (Bloomberg) -- U.S. stock-index futures retreated after Humana Inc. reduced its earnings forecast and concern grew that the Federal Reserve's plan to stem credit losses may not be enough to avert a recession.
Dollar Declines on Speculation Fed Rescue Package Won't Succeed
By Gavin Finch
March 12 (Bloomberg) -- The dollar fell against the euro and the yen on speculation the Federal Reserve's plan to provide funds to banks won't be enough to break the gridlock in money- market lending and stem credit losses.
``Read the need for such new measures as being a symptom of what ails the world and not a panacea for its problems,'' said David Simmonds, the London-based global head of currency research at Royal Bank of Scotland Plc, the world's fourth-biggest foreign-exchange trader. ``Stay short dollars.''
And as for the DOW? That injection had about a 30 hour shelf life and then it was back to downward trending forced by a financial world that finally sees the emperor has no assets.
True enough that no one-day chart picked from the past proves much of anything about the market or the person basing claims on the chart. But if a dolt like me can describe what will happen on a day in the future with a modest qualitative accuracy, and one predicting the opposite of what the powers that be were seeking...I think the writing is on the wall street, folks.