Tuesday, August 4, 2009

FDIC seems to be in trouble or running on fumes

One more bank failure but this will be the largest:

Guaranty (GFG) could be soon seized by the government in what would be the biggest bank failure in a year that has already had 64 of them. Last week, the bank warned investors to expect a federal takeover after regulators forced a writedown of its risky mortgage investments and a bid to raise new capital failed.


Late start- But Bingo again

Late start to the day for me. Two hours left but notice the 1006 was the exact top of today's market (1007 on the cash). That's a very important level indeed and we will see for the rest of the week if we start to develop this area as a POC (Point of control).

Will update some charts tonight and post.