1) we spiked because bernanke said he will do whatever it takes(assuming rate cut) if credit markets continue to deteriorate. which of course they will. the market then gave everything back because bernanke actually sounded pretty damn gloomy about the economy. 2) we then spike almost 100 points because bank america is supposedly in talks to buy countrywide. is this reall a shock becuase those idiots have already invested billions in country wide and have taken a beating. its a move to save face and not have to admit they were wrong; which they were. dumb friggin move. you will now see other financials rally anticipating more buyouts.the rally will not last loing. maybe today because we are still oversoild but the bear is here. short the rallies.
Who cares what the "alleged" reasons and rationalizations are behind the moves. The market continues to TRADE and that is the best part of all of this!
Could you please create a thread in the journals section where you just post your daily "thoughts & explanations" instead of posting a new ridiculous thread in the trading forum every day? Thank you.
I agree about BofA buying countrywide. Why would anyone want to buy a sinking ship like that piece of shit? The housing market will not grow again for many many years.
makloda, you got balls. your posts are ridiculous. how bout the pic you posted witha chinese guy at a slot machine. gimme a break. are you kidding me!
Goto the journals section, no need to post your daily "Guys let me explain you what happened" threads in trading daily. Go here: http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=29 Thanks.