OK, so FNM and FRE are heading to my target of under $1 in a hurry. LEH is in trouble, and oil ran up over $5!
BUT, the market rallied a wee bit nonetheless. I said it the other day, this is make or break time here. I think we should go a LOT lower near term, BUT watch GOOG here. They have earnings next week on the 17th and the stock could get a nice boost into it just based on them going up like 90 points after last quarters earning.
I'm not gonna write much here, I think the rally we got today and we might get Friday are based on very low volume and I think until we get a REAL washout day with SOME capitulatory action it's going to be very hard for us to get more than these dead cat type bounces.
Just stay limber and stay CASH rich. There is no reason to get into the market here other than for a trade, so heed that, or peril awaits!
See ya manana! Good trading!