Dave Fry's Market Outlook for Wednesday

The end of this tale is clear - with no effective energy policy over the past 35 years, the U.S. has steadily transferred wealth to other countries, so much so that now we see Citigroup having a yard sale to oil rich Abu Dhabi. Americans only have themselves to blame and the gutless politicians they’ve elected to run the country.

But let’s review briefly again: down 200+, up 180, down 200+, and Tuesday up 200+. C’mon, if we weren’t talking about serious money you’d have to judge market behavior as schizoid at best and at worst laughable.

Breadth and volume were just okay. Nadasq “issues” advancing/declining were rather ordinary while “volume” of shares advancing/declining was excellent. This must mean a surge and short-covering in big-cap tech:

Chucky “no energy policy and bailout homeowners now” Schumer is bugged that the Federal Home Loan Bank in Atlanta is tossing some big bucks to Countrywide as noted in a WSJ [subscription required] article here. Chucky’s concern is ironic since he’s been whining [literally] for the Fed to step in and help borrowers and lenders alike. But he probably wants to make a whipping-boy out of Mozillo and CFC. Oh, why not!

The only thing impressive about Tuesday was big cap tech and perhaps India:

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