Regionals Financial (RF) is being killed - why not. Danger is now any medium sized bank they can panic sell and it can be down 40% as people avoid risk in all banks not named JPMorgan, Bank of American or ....Wells Fargo (WFC) - which on the other hand is up 2% - the stock that can't be brought down. Not a good situation. I am still boggled where Citigroup (C) is getting the money to take $42 Billion worth of writeoffs when their balance sheet is mangled. Something just doesn't smell right in that situation.
The good news is thus far we have held the previous support of 1165-1170 on the S&P 500 which coincides with October 2005 lows.
The bad news is its not even 11 AM.Apple (AAPL) obliterated to the tune of 15%+ on multiple downgrades and that's the "people's stocks" so another strike to confidence.
Not a good day. It could be worse - I could of followed Cramer's pound the table buy of Wachovia (WB)...
11 comments:
Citi getting funding from bailout, what they are taking will qualify
[thank you bald and beard]
after you shoot your wad on an international injection shock and awe
and the market yawns
what then?
Well the VIX is at 40 again... I guess it's time to buy something... I have no idea what though... everything related to china is getting killed on news of record iron ore and coal pileups at chinese ports and serious slowdown in the construction there... and everything relying on the american consumer is fucked. So I am out of ideas what should be bought here... Philip Morris International? Pepsico? Pawnshops? A bottle of vodka?
I'm getting the homo hammer of death, too. Multiple stocks in the double digit negatives today.
hey guys, im back from hiatus.
im with BD, that im getting hammered today, as "value" investing has become "extreme value" investing. But with the VIX way up there again, its hard to be too bearish. What to buy? Against common sense, it would be early cycle stocks for a trade. homebuilders and retailers?
*homebuilders and retailers?*
No thanks... any other ideas?
sadly no. I'd suggest something that is fundamentally sound.. but I dont want you to lose money.
but for a technical 1 day trade, maybe.
CNBC just reported that of the S&P500, only 27 equities were positive... And only one of the DOW... Think I saw green flash by on a couple of financials. And QID, SKF and SRS ... Of course..
jegan
I bought a little bit of Barclays today(BCS) and it hasn't tumbled... yet...
However i also bought RF and it has.
WFC?
Oil prices also fell taking the entire energy sector with it--including BTU. Even though the fundamentals on this stock are excellent the timing isn't right so we need to wait. Keep it on your watch list however because it's one of the best long term holds out there right now--regardless of what the world economy does we'll still need electriciy--and a lot of it.
VXO hit 45. Its definitely one of those buy anything days. The fact that nothing seems appealing is why everything should be appealing.
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