Time to short the financials-- they've been riding high for too long on too much liquidity. Unfortunately, it's going to go down before it goes up. We are in a similar situation to when Bush the first was campaigning for office-- except the time frame has been lengthened. Instead of being a lame duck president for one year, Bush the second will be a lame duck for two, and even though the President doesn't determine the economy, the market doesn't know that. High volatility and frightening drops will keep coming until long into 2009, when a democratic win may bring back the market highs of the late 90s.
Hedge Funds Behind Late-Day Stock Moves
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Nope. Looks like that's when they hit bottom (except for Goldman). Good thing I didn't put my money where my mouth is.
Aug 3
BAC 47.00
BSC 108.35
GS 179.68
JPM 43.65
MER 70.05
UBS 54.08
WM 33.86
Aug 20
BAC 51.35
BSC 116.30
GS 172.76
JPM 46.49
MER 74.90
UBS 52.34
WM 37.52
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