FNM BOARD AFFIRMS COMMITMENT TO CEO MUDD; NAMES DAVID HISEY AS CFO, MICHAEL SHAW AS CHIEF RISK OFFICER, EFFECTIVE IMMEDIATELY
- CEO: "After setting forth our capital and credit plan August 8, we are now putting a senior management structure in place to drive this plan across the company,.  This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses while Fannie Mae continues to provide crucial liquidity to the U.S. housing and mortgage markets. As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities - and we have to organize and staff accordingly."

The former CFO and Risk Officer have bailed out of Fannie Mae.  CEO Mudd is optimistic about driving his plan across the company.  I predict it will be driven right over the cliff.

THE FED, ECB AND OTHER MAJOR CENTRAL BANKS ARE SEEKING TO MAKE IT EASIER TO ACCESS LIQUIDITY DURING TIMES OF EMERGENCY - FTD
- The plan could allow European banks to have access to funds from the Fed in return for securities denominated in euros as currently, central banks only accept securities in their own currency.

It’s not enough that the Fed provides "liquidity" to US banks, now they want to take on securities priced in Euros.  These securities will be just as damaged as the ones being accepted from US banks.  The Fed Pawn Shop is going global.  Taxpayers beware and prepare for more inflation.

ACCORDING TO JAPAN’S NATIONAL POLICE DEPT, LOCAL ORGANIZED CRIME SYNDICATES (YAKUZA) ARE BECOMING TRADERS AND MANIPULATORS OF PUBLIC COMPANIES - TIMES
- By using front companies these syndicates have been able to take large positions in various companies.

I recall hearing a similar theme from US law enforcement about organized crime syndicates here doing the same thing.  Might not be such a bad thing:  If they aren’t any better at trading than the investment banks, these syndicates will be bankrupt in no time and asking for permission to go to the Fed’s Discount Window!

While everyone is euphoric over the durable goods data, let’s keep an eye on reality.  Bankruptcies are up big, and I don’t expect that trend to fall off any time soon.  Read the article here.

The following charts are of the 5 minute S&P and the XLF.  I’ve labeled them to show what to watch for on a trend day.  I hope they are self-explanatory.  The XLF is not a symbol I personally daytrade, however.  The last chart is the USD/JPY.  It’s had quite a run for the last few months and it’s looking tired.  The Aussie and Euro are up against the US dollar tonight.  Tomorrow we get Q2 GDP and Jobless Claim data at 8:30amET.  Another fun day, I’m sure