Wang’s Happy Trading

Submitted By OptionDragon

For the love of money- The O’jays

From Briefing.com

Carlyle Capital Nears Collapse as Rescue Talks Fail- Carlyle Group’s mortgage-bond fund moved a step closer to collapse after failing to reach an agreement with lenders who demanded more than $400 million to meet margin calls.

Drake May Shut Fund; GO Capital Halts Redemptions- Drake Management LLC, the New York based-firm started by former BlackRock Inc. money managers, may shut its largest hedge fund, while GO Capital Asset Management BV blocked clients from withdrawing cash from one of its funds.

Dollar Trades at Record Low Versus Euro as Fed Plan Disappoints –The dollar traded at a record low against the euro as firms from Citigroup Inc. to Goldman Sachs Group Inc. said the Federal Reserve’s plan to inject $200 billion into the banking system may fail to break the freeze in money-market lending.

American International Group (NYSE: AIG) Cut To Equal-weight at Morgan Stanley.
JA Solar (NASDAQ: JASO) Raised to Overweight at Lehman.
Leap Wireless (NASDAQ: LEAP) Raised to Market Perform at Wachovia.

Markets in Europe were off sharply at 6.30 AM New York time.

Target (NYSE: TGT) has a huge credit card business. In the current economy, that may not be perfect positioning. The value of the portfolio at the unit is $8 billion. A financial buyer may pay $4 billion for half.

Homes facing foreclosure rose 60% in February compared with numbers from the same period last year.

Markets in Asia fell sharply.

Gasoline prices hit new high, seen jumping more- U.S. average retail gasoline prices have reached a new high of almost $3.20 per gallon and will likely jump another 20 to 30 cents in the next month, worsening the pain of consumers struggling to make ends meet in an economic downturn.

Pretty much everything is gapping down this morning with a bad start to the Dow futures. FXI, the 4 Horsemen, the previous leaders and momo stocks are all gaping down. FXY, TLT, DBA, USO, UNG, gold plays (AEM, ABX, SWC, GLD), XAU, GOX are gaping up with the falling dollar. FXB, FXY, FXE strengthen as the dollar drops.
Looks like we will be looking for shorts over longs today, keeping an eye on previuos market pivot supports and resistance. 1290 and then 1278 are key support levels for the S&P. I see further weakness in the financials, XLF.

Let the market decide you plan of action. Trade your plan and focus on what’s in front of you. Seek the zone.
Great trading and good luck.