I was utterly completely wrong yesterday at the conclusion of the blog piece (or at least, I hope I was simply early). The market had an amazingly decent showing on Friday considering the plethora of bad news out there and it appeared things were going to be Ok- at least ephemerally yesterday morning. There were rumors out there at the government was on the verge of nationalizing 40% of Citicorp (symbol: C). The futures were indicated higher on that news amidst the hypothesis that was a good thing on two scores. First, the implication was that C actually did have some net worth to it else the government would have eaten the whole thing. The other tenet which appeared bullish is that the fever should break in the immediate-term on the hopes that this was the beginning of the end. As much as I hate the thought of socialist policy, there seemed to be this underlying thought process that the one positive of such thinking would be the stabilization of the entire financial system. Indeed, as rumors ebbed and flowed with the dayâs trading yesterday, the financial sector moved in direct correlation with the likelihood of a C âpartial nationalization.â Yet, the overall broader market told the tale- capitalism as we know it is ending with more and more red ink flowing- and the taxpayer/government footing the bill. For day traders, it make things even more treacherous- we sit there and watch this wide disaster daily, but any whiff of hope causes shorts to get crushedâ¦yet nobody can get long because nothing good seems to be coming down the pipe. And even us hopeful optimists know that trading with a two minute time horizon is so much better than trading with a day horizonâ¦it is better to look verbally foolish than financially foolish- I for one finished decently ahead yesterday monetarily and hope this proves my point: try and make sense of what is going on around you ,but if wrong, admit it, accept it, adjust, and hold things for very short periods of time â particularly if day trading. Markets throughout the world were lower overnightâ¦down 1.5% to 4% in Asia and about 0.5% to 1% in Europe. Commodity and bond markets are relatively stable. Futures are up state-side on the heels of the JPM news and hope that President Obama will have something noteworthy to say tonight. Following what should be a pretty good open, look for some selling into the strength on the heels of yesterdayâs ugly session. After that sell-off, look to the financialsâ¦if the banks hold early strength, letâs try again on that call from yesterday- stocks should bounce if for no other reason than people would not be able to look to financials as a leader to the downside. But again, financials will be key with JPM as a primary benchmark. Reiterating- Please understand that if the ideas do not get to the hoped for set-ups cited below, more often than not, one should not blindly trade the symbol next to said idea. If the whole story is not there - If something is good, assume either a short thru unchanged or an A-B-A2 based on direction of the market unless specifiedIf something is bad, assume either a buy thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified- Good- The following stocks have good news and/or a strong technical pattern JWN- decent earnings JPM- slashed its dividend, but said itâd meet its earnings in being profitable for the quarter AEM, BP, DVN- mentioned on âMad Moneyâ last night RMBS- after winning a court battle yesterday, the company won another- this time against Hymix FWLT- good earnings HD- decent earnings HNZ- good earnings MHS- good earnings MVL- decent earnings PWR- good earnings CBRL- good earnings ONXX- good earnings Bad-The following stocks have bad news and/or a weak technical pattern MHK- warned on its earnings HS- closed near a low HUM- closed just off a low OC- closed near a low CQB- closed near a low GS- closed near a low MOS, POT, MON- closed near a low X, NUE- among the steels closing near a low TXRH- poor earnings COG- closed near a low APA- among the oils closing near a low CXW- closed near a trend low PL- closed near a low JOYG- closed near a low GTI- poor earnings LECO- one of the biggest percentage losers of the dayâ¦and still closed near a low RSH- bad earnings Earnings: TUES FEB 24 BEFORE ACOR BBG CRDN DAKT DPZ DRC FDP FE FWLT GTI HD HLS HNZ HSIC JOE M MGA MHK MHS MVL NRF PCG PWR RSH TASR TGT UNT VNO VPHM VRX WAB TUES FEB 24 AFTER CBI CCI CRI DWA DY ECLP FSLR FSP HCC HCN HLF HLX MELI NBR NCI ODP RRC SQM TX WYNN XCO Good luck today. Erik R. Kolodny