Stocks selloff hard as whatever rally that was building sold off extremely hard as markets look for a "real plan". Tim Geitner did not offer much financial transparency regarding helping shoring up bad bank assets.
The new "Financial Stability Plan" was not welcomed well by Wall Street as there was a large breath of selling and the prior leadership became today's biggest losers.
They say "the devil is in the details" and Wall Street clearly did not see the details it was looking for as they "buy on the rumor and sell on the news" StockMarketFunding.com called for an rally in Febuary with the understanding the government would "play ball" with Wall Street and that we would have a bill passed that would be beneficial to both people an Wall Street.
As concerns mount regarding the bad bank balance sheets, we are constantly montioring the markets reaction to the policy makers and the impact of their poor choice of words.
We have been educating our traders at our SMF Pro Trader School to be fully aware of how markets really work and how they have a funny way of smelling out bad policy.
Tomorrow we will look to see if the markets break and we go back down to the November lows. Today was the worst performance in the Dow Jones Industrial Average in 2009. While there was a large amount of call buying, the jury is still out as the markets broke many key support levels.