All of yesterday's gains are now gone. So much for the Fannie/Freddie bail-out rally.
Note the following:
-- Prices are below the 200 day SMA
-- All the SMAs are moving lower
-- Prices are below all the SMAs
-- Prices are below all relevant trend lines
BUT
-- The SMAs are bunched up indicating a lack of direction
However, given how quickly the rally died I would not be optimistic about the future.
