Well, that was interesting.
Today had something for everyone — or perhaps nothing for anyone is more accurate?
• Volatility returned in force (Finally!) today, with the VIX climbing over 30.
• Fannie (FNM) and Freddie (FRE) fell more than 25% each, as the bailout plan makes it clear that shareholders are not going to be rewarded for showing such bad judgment as to own this crap. They closed at $7.07 and $5.26 respectively — possibly on the way to zero.
So, what happens next? Where does this market take us on its wild ride?
What say ye?