NASDAQ 2,105.32 +49.80
SP500 1,066.63 +20.13
10-YrBond 3.53% -0.0130
Big gain in market indices. Dollar and commodities mixed.
GLD 106.98 -0.12
SLV 17.12 -0.02
PTM 16.44 -0.02
XLE 57.23 +0.96
XLF 14.37 +0.36
FNM 1.12 +0.03. Fannie is insolvent and continues to be propped up by the Fed (buying the Fannie debt) and the Treasury (taxpayer money injections). The Treasury is going to inject $15 billion more of taxpayer funds into the failed Fannie to keep it alive. Fannie has already taken $45 billion in taxpayer funds. It's unclear why Fannie is being kept alive. FHA is about to implode: The Federal Housing Administration abruptly delayed the release of a long-awaited independent audit of the financial soundness of the agency, citing potential problems with the accuracy of some of the study's economic models.
UDN 28.31 +0.02. PowerShares DB US Dollar Index Bearish.
UUP 22.94 +0.43. PowerShares DB US Dollar Index Bullish. Yesterday 155,000 calls were purchases ahead of FOMC announcement. The options maker then typically hedges in the stock. Today it was halted briefly when it ran out of shares and then reopened with a premium. Many of the open calls were sold just after the stock reopened. Some are saying this is insider trading. It appears to be more of exploiting a quirk in the ETF structure to force a boundary failure.
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