Thursday, January 15, 2009

One More Time

Yes, the financials again, but when the integrity of our our financial system is at risk of going bankrupt on daily basis, it needs to be talked about. The morning started off horribly, rippling from the news that Bank of America was going back to the well, only a couple of short months after they soaked taxpayers for billions. Strong chatter that BAC and/or Citibank were going to become nationalized over the weekend collapsed bids and intensified the selling. The thought of having one of our largest corporations becoming a ward of the state brought fear to the sector. Suddenly we hit a short term bottom and rallied viciously to the upside, only to collapse again before a short covering rally ten minutes into the close.
Bear market spikes are vicious but the sell off proves how tentaive and fragile the market really is. I'd like to welcome all the new readers and look forward to hearing from you in the future. Don't forget to sign up for my feed and the newletter which gets published on Saturday. Thanks and have a great day tomorrow.

3 comments:

Topper Harley said...

Great market insights. Keep it coming.

Dan said...

New reader here. Love the analysis combined with sarcastic humor. C to 3, for example. Look forward to the weekend newsletter.

DT

upsidetrader said...

thanks Dan

About Me

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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.