We may see a daily range that is smaller than Friday's range, and may see a small technical bounce to the upside. The early action will probably see the market trade to the downside to test Friday afternoon's low pivots, but the market probably will not make a new low today.
There are no economic reports today, but Bernanke talks in front of various congressional committees on Tuesday and Wednesday with the FOMC meeting minutes being released on Wednesday afternoon.
The foreign markets did not get very excited about IndyMac - sell on the rumor and buy on the news.
The Federal Reserve and US Treasury on Sunday promises to financially support Fannie and Freddie if necessary.
Charles
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