CREDIT
10th July 2008
What makes the world go around? The answer: Credit. Any business that relies on credit is getting destroyed. FNM and FRE are down big this morning(again). LEH rumors are flying again with PIMCO having to publicly state that they are still doing business with them. Maybe we all need another stimulus check so that we can go to WMT and by products made in China? For investors, 3 words of advice: defense, defense, defense. For traders, there should be a trade-able bounce in here somewhere but the trend is certainly lower.
BA