TCM Notes : 5/8/09

• Distribution day across the major indexes today. Puts the tally at 4 for the Dow, 3 for the SP500, 3 for the Nasdaq, and 1 for the NYSE composite. Despite this the moving averages still offer support underneath these indices as they continue to trend in an upward fashion.
• Stress Test results finally in and it looks that we may have some gaping up action tomorrow as "only" 75 billion in additional capital is needed for half of the 19. Story is in the shared items section.
• OCN a sub prime servicing company (mentioned in my 4/22 notes ) that has been anointed by the Obama administration had stellar earnings today and jumped 12%. They are tasked with modifying lots of loans. CEO stated that the 3rd quarter will show "significant revenues" from the Homeowner Affordability and Stability Plan. So if you're angry about these people getting bailed out. Get even. Get long some OCN.
• SPY's pivot for tomorrow is 91.43 with S1 at 89.71 and R1 at 92.58. We are still way above the weekly pivot of 87.29. 25.87 pivot for SSO, and 4.33 pivot for UYG today.