Mikey's Corner Part Duo

Durable-goods orders, which are items such as cars and appliances meant to last three years or more, rose a surprising 1.3 percent in July amid strong aircraft sales. However, when you strip out the volatile transportation category, orders rose 0.7 percent, when analysts had expected a drop of 0.5 percent. Nondefense capital goods orders excluding aircraft, seen as a barometer of business spending, jumped 2.6 percent, the sharpest gain since April. That category was expected to drop 0.1 precent.

Steve (The Weasel) Leisman comments that by now you would have expected the credit cruch to have produced a weak economy but hey look at durable goods strength.

Well MR Weasel Its comming you lying sack of Cramer.  They just try to frustrate you into giving up on something you know is happening. THE TRUTH ALWAYS COMES OUT. They just keep lying until they can't lie anymore.

Fannie Mae's capital and reserves positions are better than market expectations, according to an analyst at Lehman Brothers, who also said the biggest U.S. mortgage finance company may not need any more externally raised capital.

On Wednesday, Merrill Lynch had said it was premature to consider a recapitalization sponsored by the U.S Treasury for Fannie Mae cnbc_comboQuoteMove('popup_FNM_ID0ERG15839609'); [FNM  7.02    0.54  (+8.33%)   ] cnbc_quoteComponent_init_getData("FNM","WSODQ_COMPONENT_FNM_ID0ERG15839609","WSODQ","true","ID0ERG15839609","off","false"); and its sibling agency Freddie Mac cnbc_comboQuoteMove('popup_FRE_ID0ESDAC15839609'); [FRE  5.27    0.52  (+10.95%)   ] cnbc_quoteComponent_init_getData("FRE","WSODQ_COMPONENT_FRE_ID0ESDAC15839609","WSODQ","true","ID0ESDAC15839609","off","false"); , as capital depletion would not likely occur for several quarters.

Leman Brothers .and Merrill Lynch..you mean the ones that lost all that money and trashed their business? There are a names you can trust. Hey Merrill how about those ARPs that you put your customers in. Leman and Merrill two of the best scammers in town

Gee on Aug 21 ..last Thursday it was going under and now a week later its going to be OK .. Things change in a hurry don't they. Oh I forgot the insiders LEH buddies bot a whole low of FNM stock when that bad news hit. But that does not change the long term problem. It will get the traders to cover and go long though.

The short term market is a game of liars poker and getting whipsaawed is what they do best to traders. Last week the newson this stock and the price confirmed each others...bad. Now they have to work it off. That is the nature of the beast.

.Stocks advanced Thursday after second-quarter GDP was revised to show growth was more robust than first thought and oil receded to around $118 a barrel. 

Second-quarter GDP was revised to show 3.3 percent growth, up from the prior estimate of 1.9 percent. Economists had expected to see 2.7 percent growth. The third and final reading will come next month. Wow!!" Robert Brusca, of Fact and Opinion Economics, said of the trade contribution. That's "a huge number," he said. "Without trade, U.S. GDP would have limped ahead by 0.2 percent."

Still, GDP is growing by 2.2 percent year-over-year, Brusca points out — "too fast for a recession."

The U.S., Europe and Japan planned a joint intervention to rescue the dollar when it was plunging in March when Bear Stearns collapsed, the Nikkei business newspaper reported. The paper did not say whether a certain level for the dollar was envisaged.

Today

The dollar hit an intraday high against the euro after oil began to tumble. Earlier, the U.S. currency had come under pressure as European Central Bank officials indicated inflation worries persist in the euro zone. ...Get it? Nice profit on that dollar trade heh!