A good close

The market was down for most of the day until rumors of a "plan" surfaced near the close.  It is possible this rumor is a fake ( who knows at this point) but it still had the effect of creating a sharp rally which shows how oversold the market is.  Scale down buying can be risky but it also has its advantages.  TYH is still subject to the market overall but I am still looking for a bottoming action around here and potentially a sharp rally of 500 - 1,000 points - then we will look at things again.  President Obama wants to be re-elected and the government will all the tools it has to assist in this.  Yes there are TRILLIONS and trillions of derivative exposure around the world and the US Banks are right in the middle of the mess but there are positive signs emerging in the economy and there are a lot of people who are waiting to invest.  Hedge funds (surprisingly Apple is one of their biggest exposures) have performed badly and are facing large redemptions and I think this is the selling we have been seeing - I think and hope it is over for now.