Sick market, sick congress

Two quick points.

1) Democrats asked the auto industry to formulate a plan and get back to congress by December 2nd. You know my position on the matter and I find it sickening to see this kind of government involvement.

Let the free market work! If people are not buying American cars, then it is a clear signal that these American cars are over priced. The price information being telegraphed from the auto industry is being rejected by the population, the answer is to adjust the price - not grovel to Congress. Absolutely appalling. Is there anyone out there that thinks we should bail out the auto industry? Let me know and if so, explain to me why we should violate free market principles. Do not use the financial bailout as a benchmark, because according to Wall St. the financial bailout did nothing to stem our declines.

2) Stock market is extremely weak. Today's bounce attempt should be shorted for short term traders, because they underlying weakness is glaring. Energy shares are leading while small caps are in the red. This is a perfect recipe for Dow 6,900-7,000. This is a magnet support line and will be hit within the next few days.

Key sector overview as of 1:40pm, Friday November 21st.
This is the opposite of what you want to see on a bounce.

XLE
Energy
41.42
+1.46
+3.65%
2008-11-21, 13:22ET
XLF
Financial
9.00
-0.39
-4.15%
2008-11-21, 13:22ET
XLI
Industrial
19.49
-0.51
-2.55%
2008-11-21, 13:22ET

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