RebelTraders

We will have the full wrap up with some new charts over the weekend. The day ended down with some additional indicators showing a weakening economy. The credit crisis was thought to be over, AIG showed us it is not. When Bear Stearns imploded in March everybody forgot about the economy, thinking everything was all about credit problems only. But, retail sales clearly show a significant trend towards bulk purchasing, discount store buying for groceries, and rapidly rising credit card debt. Signs of a consumer that is stressed to the limits.

Now we add the increasing oil costs and still unabated rising food costs and this only gets worse. Those who have thought that the 2nd quarter of this year was going to be a rebound in the economy will be surprised that it will very likely turn out to be worse than the 1st quarter. And stocks have been trading on the premise that the 2nd quarter things would improve, guess again. The market is starting to think about this and as we are seeing the money slowly being taken back out.

We will have more over the weekend..

Tonight after the close we got this off the wire…

FDIC CLOSES ANB FINANCIAL; BANK IN ARKANSAS WITH $2B IN ASSETS, $1.8B IN DEPOSITS
- http -> www.anbfinancial.com Banks states itself as AR’s first internet bank - Assets will be transferred to Pulaski Bank & Trust as of Monday.
- FDIC states it will need to expense about $215M in Federal Insurance costs to depositors (12% of total deposits) This is the third bank shut by the FDIC in 2008.

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