Well, the White House has released its homeowner rescue plan. The announcement has been on the schedule for a few days and details were pretty much known before hand. The interesting thing is that the market put in only a weak rally late last Thursday when the plan was leaked to the media. Since then we have seen a drop of about 60 points (7%) in the e-minis.
My sense is that people are getting tired of rescue plans. They don't expect them to work. We have entered the "no hope" zone - a psychological state in which bad news doesn't surprise or frighten people very much. I think the groundwork is in place for a very big rally which will accompany the realization that the world isn't ending and that the economy is not headed for a second Great Depression.