Freddie Mac (FRE) will issue its quarterly report, I think we call all agree that that is a bomd shell waiting to happen. The real fear is that all CDOs will tank, and the issuer of the underlying asset is... you guessed it Freddie Mac. The Freddic Mac issues should actually take some heat away from the large brokerage houses, and they should see some moderate gains: Lehman, Goldman, Bank of New York, and Morgan Stanly all stand to gain. On the whole the poor financial earning reports will drive the Big Board down 25-50 points.
Picks: Keep your eyes on Qualcomm and Valero through early next week. These have been hit by some of the volitility, but have bullish outlooks over the next few weeks. Not to mention LG. It looks like the trendy Prada drapped almost-iPhone has forced Apple to push up the release of its newly designed iPods. New iPods is always news.
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