Today's Markets

All of yesterday's gains are now gone. So much for the Fannie/Freddie bail-out rally.

Note the following:

-- Prices are below the 200 day SMA

-- All the SMAs are moving lower

-- Prices are below all the SMAs

-- Prices are below all relevant trend lines

BUT

-- The SMAs are bunched up indicating a lack of direction

However, given how quickly the rally died I would not be optimistic about the future.