Market Recap: Once Again House Of Cards Collapses, FNM Before The Open
August 7, 2008 8:58 PM
Well, I warned that the market appeared to once again be a massive house of cards. This is why we keep seeing these huge moves in both directions. The only low of any significance is probably the gap low on the futures from Wednesday and that really is not that important.
Tomorrow we have FNM before the open - expect them to miss big. Well, unless they are not going to disclose reality. We have seen this nonsense from the financials for 6 months. They report some nonsensical number and then later write down billions more “because market conditions changed”. Uh, no the market didn’t change, they just refused to admit what was on the books.
Comments
One Response to “Market Recap: Once Again House Of Cards Collapses, FNM Before The Open”
Got something to say?
-
Recent Commentary
- Market Recap: Called Today’s Action On The Money Almost Literally
- Market Update: My Note On Caution at 1285 Has Proved Correct Thus Far
- Market Open 1272: Trade Should Be Long Checkdowns, But May Take Some Time For Real Strength
- Morning Call: Futures Move Higher On Durable Goods
- FDIC Report: 117 Financial Institutions In Trouble, One Big Problem, I Do Not Believe It
- Consumer Confidence Up? This Is Clearly An Indictment On Public Education
- Market Direction: While The Chart Still Says Long….
- Market Recap: 1261 Held once Again
- Market Update: Market Was Bought Early, 3:00 EST Is Likely Key
- Market Open: 1263.25 Early Low
- Morning Call: Futures Flat, New Home Sales At 10:00, FOMC Minutes Late
- Market Recap: My Gap Rule Ruled The Day
- Market Update: 1261 Should Hold - If Not We May See Panic
- Open: 1285, 1282.75 Still Important
- Morning Call: Decision Time
- Market Update: Typical Trend Day Higher Early As Predicted, Now The Outcome Is Clearly In Doubt
- Market Open: Watch The Gap Reaction
- Morning Call: Futures Up, Long All CheckDowns Early Should Be Play
Our Mascot Trading Goal: Ferrari 599
hey …thanks for mentioning banks closing….triggered a memory heard somewhere that they are only insured for 100 grand per account . i think unless they are in treasury bonds or something….got homework to do.. thanks