Opening Low Was Bought Again, But Fed Statement On FNMA Changed That, Close Is All That Matters, Once Again
July 11, 2008 10:07 AM
This has been the same game for the last 2 weeks. They are buying near 11,000. Same game, different day. Not sure where the strength is really coming from. GE outlook was “ok”. MI sentiment was far better than expected. How in the world is that possible? Every person alive that i know thinks the economy is rapidly tanking and the number was good??? Hmmmm…very hard to believe.
Anyhow, it “appears” that if we clear today’s low late, the pressure should be on. But this is difficult, to say the least. Once again, the close is all that matters.
Update: That early low cleared on the fed statement on FNMA. There is no telling what is going to happen. They just keep buying near 11,000 it seems. if those longs finally get broken, then we may finally see real pressure.
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