Mr. Market is busy at work this morning, confounding, confusing and embarrassing even the most skilled traders and investors.
Oil is down and the dollar is up against all the major currencies.
Fannie Mae [[FNM]] is surprising me. I thought it would do the down 20% thing. Last I checked, Freddie Mac [[FRE]] was actually up a little over 2%. What happened to the meltdown?
If you haven’t figured it out yet, I’ll tell you now. We may have seen a bottom to this thing. Not saying all the troubles in the economy are over. There will be more banks failing and CEOs looking for jobs on monster.com.
However, keep in mind that often times, it’s not the content of the news that’s so important, but the reaction to the news that will tip us off as to the direction of things.
If you’re a trader, it behooves you to follow the tape right now, and turn off CNBC.
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