Forget about the Follow Through Day (FTD) from last week.
Just as it looked like institutional players were leaning toward gathering a net-long bias, Congress had to fall short of passing the bailout package for banks.
Odds are most of those voting against the package are too lost to even explain what it means or how banks got into trouble in the first place. All they know is that voters back home won’t take kindly to them helping out a bunch of “rich guy” Wall Streeters.
But back to what we do here at The Growth Stock Report: We’re going to play it safe and not mess with this market until we can discern an edge.
Down is the path of least resistance. But any passing of the bailout plan, or other Fed intervention, could easily change that.