Good Morning Todays Trade

Tuesday, May 6, 2008

Fannie Mae reports large loss, cuts quarterly dividend by $0.10, is raising $6 billion in capital

UBS to sell $15 billion in mortgage assets to Blackrock, will cut 5,500 jobs

Stock futures are off their worst levels, but continue to point to a lower start to the trading day. Microsoft (MSFT) may be in preliminary talks with Time Warner (TWX) related to buying AOL, according to the Times of London. Yesterday, Microsoft withdrew its offer to buy Yahoo! (YHOO), although Yahoo CEO Jerry Yang has said he is willing to continue talks, according to Reuters.

Looking at set ups in

DAR
NUAN
DUG
MSFT
SGP

but pretty much cutting back today and watching markets. The true strength of a trader is being able to step aside and let the market come to you. Looking for markets to continue to pullback, and i don't want to step in front of a sliding market. I am hedges with a long in the QID 300 shares