Markets mixed as they watch Congressional hearings

Last night the biggest news while watching trading in Asian markets was Warren Buffet's purchase of a $5B stake in Goldman Sachs (GS). Asian markets only had mixed results however Dow Jones futures were up 100+, a very strong showing compared to the usual numbers of up or down a couple points. Warren Buffet's vote of confidence in a major financial was seen as a solid plus, but today Congressional hearings take center stage again. And Congress is in a very grim mood.

•Goldman Raises $10 Billion From Common Stock Offering, Buffett Investment

•Congressional Leaders Push for Changes to Bailout Plan as Opposition Grows

Dow is down 23, decliners barely ahead of advancers & NAZ is up 17 as markets watch Congressional hearings. S&P 500 FINANCIALS INDEX is up pennies at 274. The Alerian MLP Index is even today while the Dow Jones REIT Index is down a couple points. All this week I've been skeptical about Congress accepting the rescue package & it looks like Bernanke & Paulson have a very tough sell. For what it's worth, Warren Buffet backs the bailout plan.

•Congressional Leaders Push for Changes to Bailout Plan as Opposition Grows

•Buffett Calls Credit Crisis an `Economic Pearl Harbor,' Backs Paulson Plan

Another story which caught my attention is the FBI was been brought into the meltdown of the Fannie Mae, Freddie Mac, American International Group, etc. That is very scary, if they find wrong doing there will be criminal charges (another kick in the head the markets don't need).

• FBI investigating companies at heart of meltdown- AP

Oil was up, trying to reach 110 as those traders also have their eyes on DC:

CLX08.NYM

Crude Oil Nov 08

...108.96

... 2.35 (2.20%)

• Oil rises above $108 as investors eye US bailout- AP

Macro economic news is being pushed aside this week, but it keeps coming. Around the corner from the bailout package is housing & it's still stuck in the mud. Not reported, but retail sales are also lousy.

•U.S. Existing Home Sales Drop 2.2%, More Than Forecast, as Slump Persists

Confusion continues in the markets. Until there is clarity, tough times can be expected for the markets. Sep has been the toughest month for stocks followed by Oct which is remembered for those brutal days. This year the markets may continue that tradition.