“Take a load off, Fannie
Take a load for free
Take a load off, Fannie
And you put the load right on me”
- from 'The Weight' by The Band
Every week is interesting but this week is definitely more interesting than others. The “buy banks, sell commodities” theme is getting long in the tooth fast, to my thinking. I understand the hot money crowd [trading desks and hedge funds] need to have something to do and trade. I don’t blame them. But even the government can only take things so far.
Many investors were wiped-out yesterday and they’re ticked-off. Smaller banks and pension plans, for example, were in the unhappy camp. This article in the International Herald Tribune spells out the compensation the departing CEOs of FNM and FRE are “scheduled” to make. If that happens, expect a riot somewhere.
My usual chant “the week’s not over” used in concert with our common use of “weekly” charts takes on added significance now. Let’s see what happens.
Have a pleasant day.
Disclaimer: Among other issues the ETF Digest maintains long or short positions in: XLP, UGE, XLV, RXL, XLU, SDP, IEF, TLT, UUP, FXE, DRR, GLD, DZZ, USO, UNG, XLE, DBC, DEE, EFA, EFU, EEM, EEV and FXI.