Trading2k.com Financial spread betting blog» Indymac http://trading2k.com Trading2k.com Financial spread betting blog Mon, 21 Jun 2010 20:18:22 +0000 en hourly 1 http://wordpress.org/?v=3.0 Indymac Collapse And Fannie & Freddie On High Alert http://trading2k.com/2008/07/indymac-collapse-and-fannie-freddie-on-high-alert/ http://trading2k.com/2008/07/indymac-collapse-and-fannie-freddie-on-high-alert/#comments Mon, 14 Jul 2008 09:47:48 +0000 admin http://www.trading2k.com/2008/07/indymac-collapse-and-fannie-freddie-on-high-alert/ The second largest banking failure in US history and only a few lines appear in the Sunday newspapers. This goes to show the level of fear and confusion in the market at present. On Friday we had a free for all as Reuters loaded the market with speculative rumours which turned around the huge losses by Fannie Mae & Freddie Mac before the market close. These were later denied but over the weekend Fannie Mae & Freddie Mac have been granted access to the Treasury credit lines and the Federal Reserve’s Discount Window. A 15 Billion injection is also being mooted.

My Trade
I placed a -2.50 sell spread bet on FTSE futures at 5345 and whilst I’m not too comfortable selling at these lows I am a lot happier selling than buying. This week sees Citigroup, JP Morgan, Merrills and Washington Mutual report which could lead us down but on the flip side eBay, Google, IBM, Intel and Microsoft could lead a tech surge pushing the NASDAQ up.

At present stocks seem to be retracing some of their gains in a similar fashion to the Asian trading day which rallied and then reversed. With all the news ahead it will be interesting to see where we go.

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