Hard to miss today, you could have thrown darts! Dow was up about 200 while NAZ rose almost 50. I'm still trying to sort this out. I guess the idea is the economy is doing well, but not so well that it does not deserve a rate cut next week. Fannie Mae (FNM) was up 97¢ with their dividend cut. Oil pulled back to under 88. Maybe this is the start of the Dec rally widely expected.
The administration worked out an agreement with industry to freeze interest rates for certain sub prime mortgages for five years to combat soaring foreclosures. Details will be announced. In the old days, that would have been called government meddling, viewed as bad. In the mean time, enjoy the up market.
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