Markets are overbought

Markets pierced the intermediate resistances with extremely negative divergences then closed below the Rs.

HOD trading above R

$COMPX 1879.92
$INDU 8877.93
$INX 956.23

Closing below the DOW 8800 and SPX 950

$COMPX 1862.37
$INDU 8770.92
$INX 944.89

Market price actions are erratic, so it is better to stay away from market gyration except for day trading.

Markets are in distribution phase, so it would be irrational to chase markets at this level in overbought condition.

Market Insanity - - ignoring the reality resulted in national bankruptcies

Markets are going insane -- insanity does not interest me. For that matter for anyone. For that very reason, I never took recreational drugs.



May US Foreclosures 3rd Highest Month on Record

By: Reuters | 11 Jun 2009 | 04:15 AM ET

U.S. foreclosure activity for May ebbed from April's record, but mortgages still failed at a staggering pace as President Barack Obama's rescue programs had not had time to fully take root, RealtyTrac said on Thursday.

Foreclosure filings dipped 6 percent in the month but increased 18 percent from May 2008, marking the third highest month on record.

Market Price Manipulation does not equate economic recovery

For this recession, market price manipulation, especially for US, does not equate economic recovery as many Americans are in financial trouble, and the Gov does not deal with one of real issues of Globalism which is continuing to deteriorate overall wealth of many Americans.

Better regulation and Exec salary caps & other regulatory measures help economy indirectly, however, we still have trade deficit issue and shipping jobs to oversea which is one of major cons for sustaining healthy economy.


http://www.cnbc.com/
* May US Foreclosures 3rd Highest Month on Record
Foreclosure activity for May ebbed from April's record, but mortgages still failed at a staggering pace, RealtyTrac said Thursday.
o Slideshow: Highest State Foreclosure Rates
o Who Owns Your Home Loan?
* ECB Fears Banking Crisis in 2010: Report
* Chinese Investment Surges, Adding to Recovery Hopes
o Pros Are Hoping for Stock Pullback
* Sub-Compact Fender Benders Can Total Your Wallet
* Hopes Rise for Latvian Intervention to Unfreeze Market
* After Taking Hummer, China Sets Sight on Volvo
* IEA Sees Start of Recovery in Oil Demand
* Emails Show Fed Pressure on BofA in Merrill Deal: GOP
* Overseer of Big Pay Is Seasoned Arbitrator
* Ex-Clients Sue Lehman Over Auction-Rate Securities
* Regulators Ready Laws for OTC Derivatives Crackdown