The Day (and the week) that Was - September 14th 2007

Good evening Rebels...

Over the weekend there will be much more posted on out thoughts for the upcoming week. And you will definitely want to check in Sunday night to catch up on what our views are for next week.

Today started out on really bad news out of Europe. NothernRock (a company that is equivalent to CountryWide) which operates in the United Kingdom, reported outright terrible news concerning their financial situation. The company may be the next in line of many that will not last in the long run. In the U.K. today there was long lines of people withdrawing money from the savings side of NothernRock business. A rather gloomy picture of fear and some panic mixed in.

Our market reacted this morning with some large selling at the open. And the rest of the day was a very casual and low paced short covering, selling, and some buying. For the most part the smart money is remaining on the sidelines waiting for next week. Speculators and high risk traders are buying into the market on the hope there will be a rally next week. However Lisa and I are very concerned with the anticipation the market is "building into" the price and we see a risk for for a "sell the news" situation once the FOMC releases their statement. More on that over the weekend.

Tune in over the weekend for expanded information on what we see for next next week. Keep in mind that Lisa and I are also working on improving the access to our site. As stated in a previous post we have very quickly outgrown this web hosting service. It was a great way to get started but the readership and subscriber levels continues to grow and we need to move the site to a dedicated web host in order to provide clean and fast access to the site. Many good things coming for our followers..

Have a great weekend Rebels.. and don't forget to check back in over the weekend for more on events for next week.