Rate fails overnight at the two-year 50% fib defense at 1.3850 after a volatile start; pullback to the 1.3400 handle on lighter volume. Rate is an absolute screaming buy in my view.

In 2006, when the nation was at the height of its housing boom, Wachovia went on to acquire Golden West Financial Corp. - mortgage lender for $25-billion, and also inherited its deteriorating speciality $122-billion portfolio of Pick-a-Payment loans, which allows borrowers to skip payments and in large part, the possible cause of Wachovia's current problems.
 
But, Wachovia too like other banks stands to benefit from the government’s proposed $700 billion rescue plan.
 
Earlier this summer, Wachovia announced a slash in dividends and plans to cut 11,350 jobs, mostly in its mortgage business, after reporting a $9.11 billion loss for its second quarter.
 

Indian stock markets opened flat on Monday and NSE Nifty touched an intraday high of 4072 till 11.30 am. NSE Nifty touched an intraday low of 4004. At 11.40 am, stock markets were trading flat.