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Free registration at the forum removes this block.GDP numbers out 8:30am an hour before mkt opens. Its going to be bad that's why the market sold off today. Now the question is will the bad news be bought or sold. If buyers come in it'll be a very positive sign.
And I discussed in Schiff's thread that I'd like to move to gold ASAP so once I am out of this I'd like to do that.
SKF goes up only 13% while the largest financials (by market cap) go down by 8%+???
that's exactly what used to piss me off when I traded it.
by the way, the "bad bank" is starting to be percieved as a bad idea and the concept is losing steam and might not happen afterall.... look out below
Just read that. Fas is already down in after market. I don't know whether to get out now or there might be a chance tomorrow for something to happen.
Can financials go any lower??? (before commercial defaults)
Can financials go any lower??? (before commercial defaults)
time and time again I'll say that unless you are a gambler or you are trading momentum then STAY THE HELL OUT OF THE BANKING SECTOR if you want to preserve your capital.
BAC (bank of America) among others hitting multi decade lows... and this is in light of "good news" about the Obama economic stimulus plan thrown at it....
I've heard two things, no idea if they are true.
1. BAC is going to be the bad bank
2. BAC drops to 3.8 where GS buys it.
BAC sank to $3.77 today and then rose to over $5 in after market trading. I went in at $4. You have to know when to hold them and know when to fold them. Many will call me crazy and maybe that is a fair assessment, but I pulled the trigger. Sure there is the risk of nationalization and I understand this risk, but the risk/reward is too great to pass up. Financials will lead out of this recession if history has taught us anything.
Cheer up everyone, tom. is another day
Wow... so who was short bank stocks going into today?
Wow... so who was short bank stocks going into today?
I am short a dozen or so banks plus a bunch of REITs. I really should have covered at the close. But I like pushing my luck. If things go my way, I expect all bank stocks to be trading at 0 before the year is over. Whenever I think about covering, I remind myself of my LEH (lehman) short from $45 that I covered at $25. I could have ridden that to zero. I still have FNM short which I never bothered covering. Rode that from $8 to zero.
I also think they are going to 0, but short term rally might happen. Didn't you also expect things to be good till March?
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