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Buzz and Banter

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The battle lines have been drawn this morning and bulls are periodically attempting to make a stand by concentrating on the financials. Fannie Mae (FNM: NYSE) and Freddie Mac (FRE: NYSE) are both working on their third up day in a row (first time since late June and early July).

Meanwhile, International Business Machines (IBM: NYSE) and the Internet stocks are the weak spots for any potentially broader-based attack. IBM has already violated an important technical level (81) and would further weaken with a tick at 78.

In other areas to watch the U.S. Dollar Sep. contract, already back on a sell signal for the first time since June, formed a lower high recently and is acting slippery again today.

Silver broke down last week, ending its string of high profile up moves, while Oct. Gold has a nice short-term chart and will reverse up today to form a higher bottom.
Positions in FNM.

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