Today's Markets

Little has changed from yesterday --- which, as you'll recall, wiped out the Fannie/Freddie bail-out rally. Notice the following:

-- Prices are below all the SMAs

-- All the SMAs are bunched together and

-- All the SMAs are heading lower

The bunched position of the SMAs makes this chart difficult to interpret -- it could go either way. There are still a ton of variables in play that the market has to figure out. It's definitely a wait and see situation.