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Fannie Freddie Saved? Market up??

5 min Emini Nasdaq 100

Hi,

So did you think that saving Fannie and Freddie by the US government is good news for the markets? Yes price did gap up but it quickly covered the gap and moving averages are slanting down... I was not too keen on going into the market.. as I couldnt read where price was going... News about Fannie and Freddie is already priced into the market and it is not really shocking news. The government had given us plently of warning before they finally decided to save the subprime institutions..

The charts show a double bottom pattern both in price and in stochastics... but this is not a real signal... moving averages are down and candlesticks patterns are dirty.. I did not go long.. Today is a day to stay out of the market..

Posted by Michael Taylor on September 8, 2008 5:45 PM |

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