Markets opened at the highs and have been coming down since as index futures were trading limit up before the open.

Strong sectors- financials, brokers, banks, homies and gaming while real estate, reits, drugs, metals and semis lag.


NAZ- 1700 GREEN;



VIX- down 12% at/near 29.25;

Up volume 5X down with over 1B already;

Not a buyer at the open but maybe before long depending on the dip (which continues) as the DJIA has lost about 100 since I started typing.

John McCain with a wonderful headline this morning- "Fed Should Get out of Bailout Business"- well John did you want to see a depression? and you don't like 800 point rallies on the DJIA?

Bottom line- it had to be done as the economy could not stand a continuation of the status quo- we can't have all the money center banks become insolvent- so its probably a good thing in the long term even though its seems pretty pretty socialistic in the short term.
One other thing- don't sell stocks when the VIX makes a six year high;


Anonymous Anonymous said...

you got to be joking right? We become worst then China! with this type of intervention, eventually market will crash... no shorts=no safty net next time we fall...

And why not have the whole financial system crash? IT should be that way, clean up and start with a new slate...

10:39 AM  
Anonymous Anonymous said...

also, this bad debt "identity" stick to the high heaven... by take one bad apple to move it (or hide it) to another place, they think is going to make it good?! WTF they are thinking? Only idiots can come up with idiot plan... They can not hide this bad loans and bad bets made by bank, they can prolong it, but not make it disapear...

11:03 AM  

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