Friday Outlook: Dark Clouds

Fannie (FNM), Freddie (FRE), Lehman (LEH) & Putin is not a new securities firm but rather a list of the elements in a cloud that continues to hang over the market. Let’s face it, we’re just moving back and forth here. One week bulls seize the tape with declining commodity prices and a strengthening dollar, then the next week bears emerge and reverse everything. This is either trading range action on lighter summer volume or the start of a new down-leg in a bear market. It’s too soon to make the case either way.

Volume remains light, especially on the NASDAQ, while breadth was unremarkable.

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