Monday Morning.

Europe and Asia are up small , and if we don't get a sell off in U.S. equities today, I think I will start kicking small dogs. We could use a nice 15 point down day in the S&P.

As today is Monday, my main focus will be on risk control after the open. ( I have a tendancy to overtrade on Monday's.) I will be diligent in selecting high probability trades during this time.

Calculated risk has an article about proposed mortgage legislation. If this bill passes, I do not see how it can do anything other than further retard growth. I don't feel that we will ever return to the level of securitization we had in my lifetime, but moves like this are going to keep the housing market down for a long time.

More good news for Banks. I love how the government can be propping up banks with one hand and bitch slapping them with the other.

As I noted yesterday, IBM and SUNMICRO have hit a snag, and JAVA is down 22% in premarket trade.

Interesting but long article about the Dow from TBP.

Looks like during my writing this post, the market has reversed and we are now about 10 points lower. Hopefully the selloff will hold. Good Luck.