Credit worries continued to put pressure on global markets and exchange traded funds (ETFs). Yesterday, Countrywide Financial (CFC) said that it had "unprecedented disruptions" in the secondary-mortgage market that forced it to retain a greater proportion of the mortgage loans it originates, according to a Wall Street Breakfast’s Pre-Market Snapshot segment. The company said that its inability to sell mortgages to secondary parties "could have an adverse impact on our future earnings and financial condition."

Countrywide Financial’s announcement highlights the credit concerns that spread overseas, causing first the European Central Bank to inject cash into its banking systems followed by the U.S. Federal Reserve and other central banks across the world. Although the money injections are meant to help the situation and calm investors, the markets can’t seem to decide which way to go. SPDRs (SPY) has teeter-tottered on its trend line all week, ending 0.2% above the 200-day moving average.

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