Ms Dow & Mr Jones,for the first time.

Stocks tumbled Friday as investors focused on troubles at mortgage companies Fannie Mae and Freddie Mac and watched oil prices climb further into record territory. The Dow Jones industrials fell more than 200 points and slid below the 11,000 mark for the first time in two years.
A collapse of the two financiers would cause further shock to the financial system, and trigger more losses to banks and brokerages with significant holdings of mortgage-backed securities.
Citigroup Inc. announced Friday it will sell its German retail banking operation to France's Credit Mutuel for $7.7 billion.
Investors remain cautious about the entire financial sector, especially ahead of second-quarter reports due next week from major names like JPMorgan Chase & Co. and Merrill Lynch & Co.
Tracking the Dow on Friday,11/07/

9:30am--130.00 points Gap Down.
Shares of Fannie Mae (FNM) and Freddie Mac (FRE) are down in premarket action after reports suggested the government is considering taking over the lenders if their problems worsen. Oil prices are climbing, adding to early pessimism.

10:30am-- Bearish Spinning Bottom.
The May trade balance totaled a $59.8 billion deficit. Economists expected a trading deficit of $62.5 billion. The June import price index climbed 2.6% month-over-month.
11:30am--Bearish crows.
Oil has climbed above $146 per barrel in early electronic trading.
Main candlestick:Unshaven top with long black bar.
12:30pm--A bull harami.
GE announced this morning second quarter earnings results of $0.54 per share, which is on par with the consensus estimate.Open buy-long position.Look to sell at MAV.
1:30pm--Inverted hammer.
Fannie Mae (FNM 10.21, -2.99) and Freddie Mac (FRE 6.24, -1.76).Treasury Secretary Paulson stated that no bailout is on the horizon.
2:30pm--The dragonfly.
The June Treasury budget statement came in at $50.7 billion, which is appreciably more than the $34.0 billion that economists forecast. The May budget totaled $27.5 billion.Index spike up,close position here above MAV.
3:30pm--Double morning star dojis.
Stocks have made a sharp climb on word that Fed Chairman Bernanke stated the discount window would be open for Fannie Mae (FNM 10.17, -3.03) and Freddie Mac (FRE 8.35, +0.35), according to a Reuters source. The word gave investors reassurance that capital is available if the companies should need it. Stocks are now at their best level of the session.
4:00pm--Below MAV closing.
Stocks surrendered their gains.

Friday's candlestick has a long lower shadow depicting that it still has a chance of a foreplay before it steams again.Dow futures close next Friday 18th so more volatility ahead.


###For The First Time in the 21st century Wall Street has A moment like this - Kelly Clarkson