Today Will Be Interesting

All the major averages failed to close above their December high and closed below the 50MA. Short-term, this is not a good sign and normally I would say that the November lows look like a good target. However, over the past few months down days have been HUGH down days particularly when looking at the advance/decline line. Yesterday, the A/D was only modestly negative. It was not a blow out everyone-to-the-exits negative like we have been seeing. Also, as of right this moment, we are waiting to hear what Bush has to say about a possible auto bailout. I'm sure they will be doing something but I have no idea what. Yesterday he said something about a managed or prepackaged bankruptcy. All that said, I think the market will end down for the day.