Fannie and Freddie bailout fail to inspire large tech

The big news surrounding Fannie and Freddie failed to inspire a weak QQQQ, finishing today's session down 0.14. While we always must be on the lookout for a potentially violent short squeeze, September has the feel of being particularly ugly for the broader stock indices at this point. We believe the housing problem in the US has a LONG way to go before washing out, with further credit and consumer spending pressure to come.