A New Role for the Fed: Investor of Last Resort

Susan Walsh/Associated Press
The Federal Reserve, led by Ben Bernanke, is being stretched.

WASHINGTON — "The mighty Federal Reserve is being stretched to its limits, both in the range of problems it is being asked to fix and in its financial firepower." By EDMUND L. ANDREWS NY Times

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We Know Crude Will Go This Low

Daily Crude Oil Chart


Needless to say it was an interesting day in the markets. As I write this the DOW is down a couple of hundred ticks, Lehman Bros is bankrupt, Merrill Lynch has been purchased by Bank of America, AIG is in trouble, crude oil is down to $95, did I miss anything?

My focus stayed on crude oil, I have been looking at 8 tick renko bar charts for a while now, and traded them today. My rational is to focus on one chart rather than the 5 and 13 tick renko charts.

I always keep a 3 minute chart around, but today traded off the 8 tick renko. Results were mixed as the huge down move happened before the New York session opened. The floor session spent the day floating long and short with no real direction.

8 Tick Crude Oil Renko Bar Charts