Financial Options

Where last week brought several positive surprises in housing and manufacturing pushing stocks up 6% for the week, this week is likely to bring a correction with several indicators that may show stabilization but are unlikely to show a rebound.

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Investors will find lots of information packed into the holiday shortened week and it's even more packed with no major indicators due out until Tuesday. The first numbers due out are the Commerce Department's final 3rd quarter GDP and corporate crofits figures with a 0.5% drop in GDP expected. Aside from corporate profits, Tuesday will have one other big corporate oriented figure – the State Street Investor Confidence Index. This index, which measures the actual risk taking behavior of institutional portfolios, could help indicate if the market has actually bottomed or if we are in a sustained bear market rally – if the big boys are starting to move out of debt securities back into equities, it's a good sign.

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This week will be a long one for investors, a full seven day week. The most important event of the week is expected sometime Sunday when the Treasury will formally announce a conservatorship for mortgage giants Fannie Mae and Freddie Mac, placing the assets of half of the US mortgage market directly under federal control. The week won't end until Saturday's running of the St. Leger Stakes at Doncaster Racecourse in Britain officially ends the summer down season for stocks, at least for ceremonial and superstitious purposes:

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