Thursday, August 23, 2007

When being bullish is really just bull

Wall Street shares decline, AGAIN.

US stocks ended lower on Thursday after the head of the country's largest mortgage lender warned that the housing market slump could spark a recession.

Posted by planning4acrash @ 11:44 PM (656 views)
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2 thoughts on “When being bullish is really just bull

  • True, but it was really just a nothing day. Sometimes the indices go up , sometimes they go down. This was well within a “hang about day”.

    The really telling pieces of information here are the way everybody “leapt” into the market thinking they were saved on even the rumour of a Fed action, even though it has been shown that most people in the debt markets couldn’t price an apple, let alone a complex multi-tranched , multi-graded, multi-risk faceted, multi-colored debt instrument.

    How Countrywide rallied when BoA started to step in (can you explain to me why BoA didn’t go down instead) is bizarre. Wouldn’t you have thought – hang on a minute – that looks like a pile. Not – that looks like a good investment.

    The reality of the situation might be that BoA is so exposed to Countrywide it merely decided this was as good an option. ( i really couldn’t say on that one – i dont have the real correlation maps infront of me – but wait….. neither does anybody else either … thats why its all screwed).

    Its real virtual private world of equities stuff.

    To be rudely awakened… watch this space.

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  • There were extreme rallies in 1929, even though, obviously, the net direction was only one way. If that’s the way it’s going, expect many more ups and downs.

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