Just to reveal the sinister activities behind the calls of major banks and corresponding media spin, just have a look at the chart below that provides Citigroup's timely calls on Fannie Mae over the past year. Had these been "Sell" recommendations then Citi would be batting 1.000. Somehow Citi's highly paid research arm must have missed a few dire financial signals from this GSE that even the Average Joe was aware of months if not years ago.

Come to think of it, these same bankers are now calling for the end of the commodities run and upcoming strength in financials. Surely such calls are considered entertaining to most of us.

Most interesting that the DOW crashed today considering how the GSE bail-out was spun as being so market positive just yesterday. Even more disturbing to the PPT is that the FED pumped in $26 billion in REPOS today that had negligible effect. Should this selling trend continue in the markets, we might even get an emergency rate cut by Gentle Ben. We will see if that can be successfully spun as USD positive?

Regards - VHF

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