"Dude, you owned this story all weekend."
So said one of the many comments we received over our weekend Freddie (FRE) and Fannie (FNM) coverage. And it shows in the Traffic logs. Typically, heading into the weekend, things begin to quiet down. Friday is softer than Monday – Thursday, and the weekends see traffic cut by more than half.
Not so this weekend. Friday saw a big spike up to ~65k, then Saturday and Sunday ran hot too, with 46k and 56+k respectively.
The came today, and as of 5:05pm, traffic was already over 70k! That’s pretty big.
Now, perhaps the traffic is not the result of psychology, fear, and trader nervousness. Hell, the VIX is at the bottom of its trading range. So I am less sure if this is a case of the kind of panic that leads to traffic spikes that leads to a substantial trading rally — or evidence of the mostly mediocre job the mainstream media did covering this over the weekend. (Yes, there were exceptions).
It sure is worth thinking about.
30 Day Traffic, The Big Picture
Blog Traffic as a Contrary Market Indicator (February 04, 2008)
Contrary Indicator: Page Views Skyrocket! (March 18, 2008)
Traffic Indicates . . . (June 21, 2008)
Traffic Peaked Again Near Short Term Bottom (July 18, 2008)
So much for a relaxing weekend! We spilled plenty of pixels on Fannie (FNM) & Freddie (FRE)this weekend, as did lots of other folks. What follows is all of the relevant commentary I could scratch together:
Here’s TBP recap:
• Fannie & Freddie Bailout: In terms of Conservatorship, Management, Shareholders, Mortgages, Legislation, Foreign Holders, Financial sector, Politics, Timing, & GSE Insolvency
All of the Treasury, Federal Reserve and FDIC news releases:
Treasury Department Reports (PDFs):
- FHFA Director Lockhart Remarks on Housing GSE Actions
- Fact Sheet: FHFA Conservatorship
- Fact Sheet: Treasury Preferred Stock Purchase Agreement
- Fact Sheet: Treasury MBS Purchase Program
- Fact Sheet: Treasury GSE Credit Facility
- Freddie Mac Warrant to Purchase Common Stock
- Freddie Mac Certificate
- Freddie Mac Senior Preferred Stock Purchase Agreement
- Fannie Mae Warrant to Purchase Common Stock
- Fannie Mae Certificate
- Fannie Mae Senior Preferred Stock Purchase Agreement
FDIC React to Takeover
Fannie Mae & Freddie Mac Shareholder Ownership, via MSN:
Treasury News Conference:
GSE Bazooka Fired Ticker Forum, Karl Denninger (Video)
Wall Street Research
First thoughts on the market impact of the Treasury’s GSE plan, Goldman Sachs (PDF)
Paulson Begins Gradual Wind-Down of GSEs within Conservatorship, Institutional Risk Analyst
What the Mainstream Media had to say:
Monday, September 8, 2008
Mounting Woes Left Officials With Little Room to Maneuver WSJ
U.S. To Take Over Mortgage Giants Fannie, Freddie NPR Audio
The Dilemma of Fannie and Freddie NYT
In Crisis, Paulson’s Stunning Use of Federal Power Washington Post
The How, Why and What Of Fannie-Freddie Plan MORNING BRIEF