Today in the market, Tuesday, January 20, 2009 : Wall Street ushered in the Barack Obama presidency with a record Inauguration Day drop on Tuesday amid fresh signs the global bank crisis was far from over. High expectations for details on how the new administration would address the growing banking crisis and faltering economy were dampened after the inauguration speech concluded with little new information to digest. State Street Corp (STT.N), the world's largest institutional money manager, spooked investors about what is considered one of the safest areas in banking when it said it had a $6.3 billion unrealized loss in its investment portfolio and lowered its outlook. Its shares plunged 59 percent to $14.89. "Stocks are getting crushed because of the never-ending tragedy that has fallen upon the banking sector," said Tom Sowanick, chief investment officer of Clearbrook Financial LLC in Princeton, New Jersey. The Dow Jones industrial average .DJI dropped 332.13 points, or 4.01 percent, to 7,949.09. The Standard & Poor's 500 Index .SPX slid 44.90 points, or 5.28 percent, to 805.22. The Nasdaq Composite Index .IXIC tumbled 88.47 points, or 5.78 percent, to 1,440.86. (headline & commentary courtesy of Reuters) ETF/CEF Medium Volatility: GLD - streetTRACKS Gold Trust Shares IAU - iShares COMEX Gold Trust CEF - Central Fund of Canada Ltd. ETF/CEF High Volatility : MYY - ProShares Short MidCap 400 Fund MZZ - ProShares Ultra Short Mid Cap400 PSQ - ProShares Short QQQ Fund QID - ProShares Ultra Short QQQ SMN - ProShares UltraShort Basic Materials ETF/CEF Discussion: On this historic inauguration day the stock market tanked. I don’t think this was a cause and effect situation. Bad news form the global banking sector sure didn’t help. With that in place RSI picked three gold funds and five short ETFs. Is it time to buy gold? Sure looks to me that the gold funds have reversed and are headed higher. Same thing for the short funds. Yes, they are headed higher too. Just maybe the much anticipated Obama rally may not hold the market up and now what? Does this mean the market will drop further? We will know in the fullness of time. Catch you tomorrow.