GodfreyDaniel storage basement

[otraque]

Following two days of selling off, to have bonds and crude acting as you report, and market becoming 100% positive fed will not move in at next FOMC, this very low volume and weak action, thus far is as you say--bad action.
From Spear report today.
<<THE SPEAR REPORT
September 8, 2006

Executive Summary
The extended celebration of the end of the Fed rate hikes appears
to be winding down and the market continues to ponder the unraveling
of the housing boom or bubble. If it is a boom, then the denouement
may be orderly, but if it is a bubble, things are likely to end badly.
A recent study of the matter at the Chicago Federal Reserve Bank argues
for the boom thesis, but we interpret their own historical data on home
pricing otherwise. Both demographic and anecdotal evidence supports the
thesis that the boom is essentially speculative(Bubble). **This is not a trivial
issue, because as housing goes, so goes the market.** Even if we are correct,
however, we don't expect the economic impact to be felt until 2007.>>