Wang’s Happy Trading

Market Falls On Financials: SPX, Nasdaq, FNM, FRE, WM, MER, UB, FMCN

The market was under pressure right from the beginning as a Barron’s article this weekend renewed concerns over FNM and FRE. Both FNM and FRE tumbled more than 20% today! Here are some other losers in the sector: LEH fell more than 7%; MER lost 5.9%; WM dropped 7.47%. The pressure from the financials was heavy on the market. Gold managed a small bounce, but, is once again going lower this evening. Agriculture sector saw some scattered strength.

Among the financials, however, there was one shinning star today. Japan’s largest bank, Mitsubishi UFJ Financial Group, raised it bid for UB to $3.5 billion! UB jumped +11.74% today. FMCN raised its outlook for 3Q and saw its shares fly up +8.76%.

The Dow was down 180.51 points; SPX lost 19.60 points; Nasdaq fell 35.54 points:

VIX jumped more than +7%, but, closed below 21. Techs were weak as BTK (biotechs), SOX (semiconductors), INX2 (Internet), and SWH (software) all closed lower. USO (oil) and UNG (natural gas) continued to fall. XLE (energy) lost 1.27% while OIH (oil services) fell 1.66%. DBA (agricultural commodities) gained +5.26%. MOO (agriculture) managed to add +1.63%. FXI (Chinese ADRs) slipped another 2.44%.

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This entry was written by HappyTrading and posted on August 18, 2008 at 9:31 pm and filed under Uncategorized. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.