Sand Spring Advisors LLC

Sand Spring Advisors LLC

The Jig Is Up

June 29, 2003

by, Barclay T. Leib

Source: Wall Street Journal
Given the huge growth in assets shown above at both Fannie Mae and Freddie Mac in recent years, it somehow seems anomolous that the often-quoted claims of hidden derivatives losses at Fannie Mae could be real, while at the same time Freddie Mac apparently ended up with improperly-booked hidden derivatives gains.
What exactly is going on here?
Why is it that the diary of former Freddie President and Chief Operating Officer David Glenn had certain pages altered and other pages completely missing? Why is it that Glenn got fired and Freddie's CEO and CFO both suddenly quit?
Also what is the current technical and cyclical position of today's financial markets?
All if this, and more, is covered in this month's subscriber-only article entitled: "The Jig is Up: The Current Market & How Freddie Mac Likely Speculated."

Non-subscribers are invited to access our June 29th article, "The Jig is Up: The Current Market & How Freddie Mac Likely Speculated," together with other past articles, by signing up for a quarterly Sandspring.com subscription below.

How Your Articles Are Delivered
Upon the processing of your credit card or the receipt of a personal check, Sand Spring will e-mail you the articles requested as a Word attachment, and also provide you with a WWW address and password to view the article on the web without using Word should you so desire. Confirmation of your order will be immediate, and the actual article will follow by e-mail typically within a few hours and in all cases before the opening of NYSE trading on the following day.
Ordering by Credit Card:
Our shopping cart is designed for both physical and subscription products, so do not be confused too much when it asks you for a shipping address. A correct address is important only for credit card authorization purposes. Your e-mail information is the most important piece of information to us for proper delivery of your article(s).

Disclosure Statement

Sand Spring Advisors provides information and analysis from sources and using methods it believes reliable, but cannot accept responsibility for any trading losses that may be incurred as a result of our analysis. The opinions expressed are not intended as specific investment advice, and simply represent our personal views offered here under our right of free speech. Sand Spring Advisors is a NFA registered CTA/CPO, but is not a Registered Investment Advisor. We do not directly trade any client funds. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities, and should always trade at a position size level well within their financial condition. Principals of Sand Spring Advisors may carry positions in securities or futures discussed, but as a matter of policy will always so disclose this if it is the case, and we will specifically not trade in any described security or futures for a period 5 business days prior to or subsequent to a commentary being released on a given security or futures.

Debt Bubble & Islamic Threats...May 2003...
This article moves from a discussion of the current technical position of T-Notes and euro-yen, to a discussion of possible unforseen implications of the Bush Tax package, to a look at the technical pattern of certain stocks such as Fannie Mae and MBIA, to a summary of upcoming cycle dates of great importance in June and July 2003 -- including one that may relate to an Islamic threat.......
Available for Purchase at $45. THIS INCLUDES ALL ARTICLES BELOW FOR FREE.

Ugliness Coming...April 2003...
This article moves from a discussion on SARS, to the Iraqi peace, to an update on pension fund accounting problems, to other fundamental issues of much ongoing importance.
Available for FREE with purchase above.
Dealing with Irrationality & The New Age of Acquarius: Malkiel Out; Sornette In...March 2003...
This article steps through our March 19th cycle date that marked the commencement of the Iraqi War. It also lauds UCLA professor Didier Sornette's latest work on the rhythm of market behavior.
Available for FREE with purchase above.
Gentle Early Spring, But Rough Summer...February 2003...
This article lays out various cyclical concerns we have for June and July 2003, as well as other thoughts on Asian markets.
Available for FREE with purchase above.
Various 2002 Perspectives & Ongoing 2003 Concerns...December 2002...
This article spends some time discussing somewhat disappointing hedge fund returns in 2002, and some of the reasons behind these muted returns. It also highlights our overall cyclical roadmap for the broader market indices in 2003 and certain chart patterns that we deem particularly attractive potential longs and short-selling candidates at the current time.
Available for FREE with purchase above.
Iceberg Risk: The Rumbling Earth & Mortgage Market Malaise...November 2002...
This article spends much time discussing Fannie Mae and the growing volatility of U.S. fixed income markets. Also highlighted are certain chart patterns that we deem particularly strong short-selling candidates.
Available for FREE with purchase above.
72, 12, 7 - The Ancient Language of Mathematics, Upcoming Pi-Related Cyclical Rhythms...October 2002...
This is an updated overview of how we see 2003-2004 developing, and offers specific date clusters related to pi rhythms that should be of particular importance to the financial markets. For those interested in the history of pi mathematics through ancient times, much historical context is also offered.
Available for FREE with purchase above.
The New Era of Government, Debt Default & Weakening Consumerism...August 2002...
This article offers a long-term look at interest rate trends and its anticipated interplay with the now sagging U.S. consumer and retail sector.
Available for FREE with purchase above.
Biotech Bottom?...July 2002...
Within this article we anticipated a tradeable rally developing in the Biotech sector between July and November 2002. Several security-specific chart patterns are examined. A second update to this piece, published in mid-July, further elaborated on the broader market indices. We eventually got our bounce in these broader indices post July 23rd, but the Biotechs were quite honestly a disappointment.
Available for FREE with purchase above.
A Coincidence of Time...June 2002...
Within this article we consider a variety of cycle timing techniques that upon occasion form important date clusters.
Available for FREE with purchase above.
In Search of Survivable Themes...May 2002...
Within this article we consider survivable investment themes in today's markets, and two small-cap stocks from down under that may fit this bill.
Available for FREE with purchase above.
Pension Asset & Liability Blues...March 2002...
Within this article we explore much misunderstood and underestimated ERISA and FAS accounting that could cause a two-decade long malaise in corporate profitability. We also update many of our previously espoused long and short views.
Available for FREE with purchase above.
Complicated Moves...February 2002...
A temporarily bullish look at the DJIA, written in late February 2002, together with a discussion of several value stocks that we like within this market.
Available for FREE with purchase above.
Zig-Zag Markets, and What Will Go Thud that Hasn't Already...January 2002...
In this article, we discuss the path we expect into our important November 2002 cycle date, and several specific short selling opportunities in industries as far afield as trucks to bread...
Available for FREE with purchase above.
2002: A Golden Year? ...December 2001...
In this article, we explore the cyclical rhythm of the gold and gold equity market, and what it portends for next year. Several stock-specific charts and fundamentals are examined...
Available for FREE with purchase above.
Kasriel to Greenspan: Farewell Soon? ...November 2001...
In this article, across 17 chart-filled pages, Northern Trust chief economist Paul Kasriel scathingly exposes many of the flaws of Alan Greenspan's Fed, and how Greenspan may actually have set the economy up for the 2000 Tech-Wreck...
Available for FREE with purchase above.
The Cycle of War & The Agony of Debt...October 2001...
In this article, across 12 chart-filled pages, we explore how relative geo-political calm can suddenly digress to a temper-filled period of war, as well as current fundamental pressures on the U.S. economy from excessive corporate and household debt burdens...
Available for FREE with purchase above.
Perspectives on Where We Are, and Why ISDA Documentation Will Not Prevent Derivatives Accidents, September 2001...
An update on prior views and prognostications, as well as a discussion of a new market sector now potentially coming to life on the long side. We also examine how easy it might be for a major bank such as JP Morgan to someday suffer a serious derivatives accident
Available for FREE with purchase above.
Long_Term Equity, Gold, and K-Wave Cycle Thoughts, August 2001...
A long-term look at our own cycle theories and how they may potentially interact with the famous Kondratieff cycle
Available for FREE with purchase above.
The Importance of June 2nd, May, 2001...
A cyclical look at the 8.6 month cycle at work in the current equity market, and one financial stock with a nasty looking "pattern match" to a historical chart pattern
Available for FREE with purchase above.
Expert Short Picks, May, 2001...
A discussion of the fundamental thoughts of short selling hedge fund manager James Chanos within a technical framework
Available for FREE with purchase above.
Four Themes for 2001 & Beyond, April, 2001...
A variety of issues we see growing in importance over the year 2001, with a particular emphasis on certain issues within the U.S. food chain.
Available for FREE with purchase above.
Portfolio from Hell, January 20, 2001...
a close critique of a major mutual fund manager and a technical look at the individual equity components of their go-go portfolio.
Available for FREE with purchase above.
Positive for Now, January 4, 2001...
If the DJIA were to vault to new highs, where would the imbedded Fibonacci rhythm of its price action lead?
Available for FREE with purchase above.
Time to Start Accumulating the Golds? - Dec. 2000...
We take a close look at four gold-related stocks that we favor.
Available for FREE with purchase above.
Don't Look for a Bottom Until..., Nov. 2000...
An update of some Fibonacci thoughts on eight selected stocks.
Available for FREE with purchase above.
Diamonds in the Sky, Oct. 2000...
A close technical look at the Dow Jones Industrial Average and the implications of the formation it has made.
Available for FREE with purchase above.
The Signficance of Oct 27- Nov 1, Oct. 2000...
This analysis did not pan out quite as we expected, but is a good example of how we examine the world in Fibonacci terms.
Available for FREE with purchase above.
M&A Currency Imbalances, Oct. 2000...
An interview with a well known fund manager and economic thinker, we explore some of the macro-imabalnces as they exist in the world today.
Available for FREE with purchase above.
Failed Accounting Standards, Mmm Mmm Good, and Where (if at all) to Invest in Bandwidth, July 2000...
A three-part article outlining some of the balance sheet fun and games of today's financial world, one old-world stock, as well as our vision of the potential fallout and opportunities in the bandwidth market
Available for FREE with purchase above.
Cyclical Commodity Turns, May 2000...
As we entered the summer-time harvest season, this was a cyclical look at the world of wheat, corn, gold, and the CRB. Much of the analysis proved premature, but it still leaves us with some long-term cyclical dates to now keep in mind.
Available for FREE with purchase above.
E-Commerce: A Paired Approach, April 2000...
This is a more fundamentally oriented article examing the likely winners and losers as e-commerce increasingly invades the transactional side of Wall Street.
Available for FREE with purchase above.

Subscribe to Sandspring.com on a quarterly basis and receive all of the the above articles, and all that follow them (a minimum of 3 more per quarter), plus all Chart du Jours (some of which would otherwise be pay-per-view) for just $85. THIS INCLUDES OUR June 29th article -- "The Jig Is Up -- The Current Market & How Freddie Mac Likely Speculated." This article moves from a discussion of the current technical position of the U.S. equity market, to an updated and detailed discussion about accounting issues at Fannie Mae and Freddie Mac.

If you order by credit card, your credit card will be billed as "Sand Spring Advisors LLC"

Should you have any ordering problems, please contact us at
973-829-1962 or by email at the address below:

information@Sandspring.com

Take me back to the Sand Spring Home Page

Comments or Problems

Thank you for visiting Sand Spring Advisors LLC, Inc. We hope to hear from you again soon. For more information on Sand Spring Advisors actual programs, services, or to request a copy of a Disclosure Document, please phone us at 973 829 1962, FAX your request to 973 829 1962, or e-mail us at information@Sandspring.com

Corporate Office:
10 Jenks Road,
Morristown, NJ 07960
Phone: 973 829 1962
Facsimile: 973 829 1962

Best Experienced with

Click here to start.

The material located on this website is also the copyrighted work of Sand Spring Advisors LLC. No party may copy, distribute or prepare derivative works based on this material in any manner without the expressed permission of Sand Spring Advisors LLC