Motivational Selling

Indexes defending the lower part of the range this morning with a slightly but not totally unanticipated bearish unemployment number. Goldman cutting Merrill to a sell and other financial stock headaches keep a spin on the downside. No one is riding to the rescue so far as causalities now appear to be coming to those who bought the first break in debt and stocks. Bill Gross of PIMCO cries for more intervention as he lugs large positions of bad paper he figured would have been completely covered by the G by now. He and others are caught in a value play where main street is finding professional trade desks more than willing to sacrifice the brokerage side of the industry to the downside profits and potential bargains of much lower market prices. Whether the bears can deliver new lows will require a new set of tank treads as now the technical price values have reached levels where motivational short side reasoning gets tougher.