The heroics from Ben and Hank that I spoke about in yesterday morning’s Blog were squarely ignored by the markets. Despite the rescue of Fannie and Freddie we sold off harder than any day we’ve seen of late, just from a higher base.

We’re going to start the US session from a low base today, so will we recover? I wouldn’t bet on it, but George Bush and Ben Bernanke will do their best to say the right things again.

The FTSE 100 Future has been down to 5150 today, the lowest price printed since October 2005.

It doesn’t look like the selling is over, but we are starting to get that “capitulation” feel about things, aren’t we?

Right now it’s worth remembering two really naff phrases that often get rolled out, and in my opinion should be rolled out more often:

Naff catch phrase number 1: “The Trend is your Friend”

Naff catchphrase number 2: “Bottom pickers get dirt…” I don’t think I need finish that one.

Lastly, another one that I think is quite relevant right now:

“Denial is not just a river in Egypt”.

Have a good day and be careful.

Cheers,

Clive.