All of the major U.S. averages undercut their previous lows early Friday, but only the NASDAQ managed to stave off a new closing low. Volume, along with the fear factor as measured by the $VXN and $VIX, rose on increased worries of insolvency for mortgage giants Freddie and Fanny. Lehman also fell sharply on rumors, and Merrill fell another 4% and is trading near 10 year lows. Sector strength came from Gold/Silver +4%, Mining +3.6%, Coal +3.5%, Casino +2.4%, Crude Oil +2.3%. Everything else was pretty much red.
Next week is options expiration, so watch for choppiness starting Wednesday through Friday.
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