Update

I don't have time for the post I'd like to do but I am now short the financials via SKF. I now fully believe the market has enough of a catalyst to test the lows and maybe make new ones. There will be more hedge fund blowups on the horizon in my opinion. When a major investment bank (BSC) says basically that they are out of business it doesn't bode well for market confidence. Rumors are around today that UBS will announce more bad news and rumors that (CYN) City National may halt dividend and is facing a near term liquidity crisis. Stay tuned. Will the Fed come to the rescue and just buy all the bad debt?
How about the President of BSC saying things were ok with CNBC the other day? Can we trust anything in here? Do you want to be long finacials in here? He said liquidity was just fine. How come I heard European banks were not taking Bear Stearns business on Tuesday and Alan Schwartz the President didn't know.?Give me a break.