John "the golden boy" Thain told everyone in May that everything was fine and said we have plenty of capital and things were just dandy. Yesterday they announce a "need" for an additional $8.5 billion in a ridiculously dilutive raise. If Thaine and Merrill were dead wrong, I think the bet can be placed that others are soon to follow. I just don't seethe financials rallying off this news. Do you? Maybe I'm missing something.Futures so far are flat, so maybe the market can shrug this off and we get a turnaround Tuesday. Remember though we won't get any kind of sustained rally without the financials.
Tuesday, July 29, 2008
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
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