I'm sorry Landis. But Mr. Dodge's comments are hilarious!! Don't pay me no attention though because I'm pretty sure you probably have higher net worth than both of us combined. Then again, I don't speak for MrDodge. Still funny as fuck though.
Wachovia and Washington Mutual, two of the most troubled in the financial sector, release their earnings tomorrow, forecasted to be a combined 3.8 billion in losses. The gain of 11% in SPX last week, the highest since March, had been due to rivals of the giants posting better than expected gains, which resulted in a great deal of buying in both Wachovia and Washington Mutual. Considering the dismal outlook of the Market Index report, the Red and Beige Book expected to follow suit in the next two sessions and the fact that the SEC has not included Wachovia and Washington Mutual as companies who can't be short-sold, we're off to new lows.
AAPL, AXP, MRK, SNDK, TXN You would think out of these 5 companies at least 2 would post some kind of gains AH...I just cannot believe every one of these stocks is off 5-15% AH. If the markets end in the green I will be truly surprised. All the warnings out of tech should keep the nasdaq down 1-2% all day tomorrow and on top of that we have the financials falling on AXP news, after the dow jumped nearly 500 points in 3-4 days and the financials being up over 25% in 1 week people will be running out of this market in a hurry tomorrow morning. No need to buy, dollar falling yet again and oil rising could give the dow a 150-200 point sell off tomorrow.
And yet, the market powered HIGHER with all of that "bad" news . . . Good luck staying short when a market is able to rally off of "bad" news.
Better yet, don't get caught long overnight and wake up in the morning to see the Dow down 700 points.