Planet Wealth

What you watch for after an important support/resistance level has been broken is the testing process.  We talked about that intra-day yesterday.  We are now watching for the close today.  The market made one attempt to run back to that 1120 level only to be met with more sellers.  It certainly didn't help today with the government making waves once again, this time postponing the vote to confirm Bernanke for another term.  Talk about uncertainty....the market will not respond well if Bernanke is not confirmed.  This noise out of Washington is starting to feel like petty adolescent retaliation for the lost election in Massachusetts.  As mentioned last night, this could get ugly fast if policies continue in this manner.