Daily FNArena News - FYI

Early strength on Wall Street was killed off last night as a large mortgage lender announced trouble and the Fed declared the market was on its own.

While the bulls are looking for attractive value the bears have really come out to play.

Late buying in the Australian market was reflected on Wall Street as the Dow, too, opened lower but closed higher.

As the Aussie results season gets underway proper this week, we have some more data for the RBA to chew over, and a lot of data to frighten the US.

The pattern has been broken as the Dow fell another 200 points on Friday despite a strong economic growth number. The Aussie continues to be slaughtered.

The Aussie dollar was pushed sharply lower overnight but according to Westpac Bank its uptrend against the US dollar should soon continue with US92c a year-end target.

Goldilocks fled the scene last night as exceptionally poor housing data finally overshadowed any earnings reports and credit contagion ruled the day. Carry trade unwinding began in earnest stripping more than a cent off the Aussie.

Another Australian hedge fund has suspended redemptions while an Italian bank is close to going under. And GaveKal contemplates the $5 Hermes tie.

A spectacular result from Amazon headed the positives on Wall Street last night as growing LBO disquiet and very poor housing data reinforced credit market problems. Goldilocks was ahead on the day.

Weekly musings by your editor. Has uranium fallen prey to the revenge of the buyers?