Good morning. Futures are down as the market gets ready for earnings season, Oh joy. According to Thomson Reuters the ratio of companies in the S&P 500 that are issuing negative outlooks on earnings as opposed to positive ones for the last three months of 2008 reached 4 to 1-double the historical average. I’ve been saying this forever on this blog it will get worse and downgrades will begin to fall from the sky. If the market can rally through the coming onslaught of earnings that would obviously be bullish, but I highly doubt it.

I meant to post this chart of FAZ (3X short financial ETF) last night but forgot. The chart looks amazing and measures much higher. This name made me a ton last Friday and yesterday. It has also become my “go to” names instead of SKF, even though the latter is in my longer term account. For day trading I use FAZ. Its not for the faint of heart so use caution.

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