THE AFTERNOON

Markets have been all over the chart as the 2002 lows were tested and we ramped on the heels of news that "some" Senate leaders thought some type of bail out plan for GM F was reached.

Well not so fast as the markets sunk when John Harwood reported that Nancy Pelosi was against the deal and it would not pass in the House-

Anyhow, a tough day to trade as I suspected - shorting didn't work out and buying the move higher probably didn't work out well either-

NYSE- 1700 net losers;

NAZ- 1000 net losers;

NDX- 45 GREEN;

OEX- 30 GREEN;

VIX- higher by 2% at 76;

Gold continues to move higher - $750;

Crude - 51- as the cheer leading for lower oil continues - of course demand destruction from the global economic crisis. So we were all probably better off at $100 oil.

Sectors working include metals, internets, semis and retail while oils and gaming lags.

Afternoon take- leaving early for some errands but would look to the short side as I don't think this bail out talk will end happy and the market will not like that.