This market is going to give us heartache

All the happiness that we gathered from the rally last week is wiped away this morning.
We all want a great start of the week but that is not the case this morning. It can be depressing at times to watch this market. I think it’s due to shorts who took out the profits that they accumulated last week. We all want this market to keep gaining ground. There are a lot of rooms to improve. FNM is going to do great in the long run. I am debating if I should buy some more FNM. Let’s watch for a few more days.


It’s been a pretty good weekend. We had brunch on Sunday with some friends for Mother’s day at the Sawridge. It was pretty good.


- CHARLOTTE, N.C. (AP) -- Embattled insurer American International Group is selling its Japanese headquarters to Nippon Life Insurance Co. for $1.2 billion in cash. The transaction, which would be among the biggest divestitures New York-based AIG has made to reimburse the U.S. government for its massive infusion of aid, is expected to close in the second quarter. AIG has received $182.5 billion in financial support from the government since September. The company is selling off a number of business units to repay part of the loan.

- NEW YORK (AP) -- Three banks that have received a clean bill of health from the government have announced plans to raise capital to help repay government funds received last fall. U.S. Bancorp, Capital One Financial Corp. and BB&T Corp. have all announced common stock offerings, proceeds of which will be used, subject to approval, to help repay preferred stock investments the government made as part of the U.S. Treasury's TARP Capital Purchase Plan.

- VIENNA (AP) -- Weak U.S. oil demand and hefty oversupplies of crude yanked support from oil's rally on Monday, with prices falling below $58 a barrel. Oil prices have jumped this month from near $50 as crude investors followed stock markets, which have surged on expectations the worst of a severe recession is over.
Benchmark crude for June delivery was down $1.46 to $57.17 a barrel by noon in European electronic trading on the New York Mercantile Exchange. On Friday, the contract raised $1.92 to settle at $58.63 a barrel, the highest level this year.

- MONDAY, May 11 (HealthDay News) -- Confirmed cases of H1N1 swine flu in the United States climbed to more than 2,500 by Monday, and the U.S. now surpasses Mexico as the country most affected by the outbreak, according to World Health Organization figures.
The number of deaths in the United States linked to the illness rose to three over the weekend, with health officials in Washington State reporting late Saturday that an unidentified man in his 30s had succumbed to the infection.

- MARDAN, Pakistan – Pakistani warplanes bombed suspected militant positions in a stronghold close to the capital Monday, pressing ahead with a fierce offensive that has driven hundreds of thousands from their homes, many into crowded refugee camps.
The government claimed 700 insurgents had died and the Taliban were on the run.

I am optimistic that we will see some lights in the middle of the week.