Yes I know JP Morgan came to the rescue but optically this just looks horrible. The largest bank failure in history while mom and pop America just watch the destruction from their Lazy Boys. Truly scary and truly sad. Futures are down substantially and it's just another day in the pits as we wait for our elected officials to try and save the day. I'm not convinced a resolution will do anything anymore and am more convinced that a 1000 point decline is becoming more of a possibility regardless of the outcome. We may still get that "blip" up but in my opinion the underpinnings of our economy and the global economy are beyond help, at least for the short term.
I will be kicking the balance of my STT at the opening and will be a bystander for now We could still get a nice pop on a resolution but I'm just not that optimistic.
Friday, September 26, 2008
It Only Gets Worse
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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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