Here is a RED PILL for ya, "Merrill Lynch, the third largest U.S. securities firm, is expected to write down $15 billion in the fourth quarter, nearly twice as much as previously announced. Analysts had recently been expecting a $12 billion loss for the same period. Citigroup may face another $14 billion of losses, according to J.P. Morgan Chase and Bank of America may announce $5 billion of write-downs in collateralized debt obligations." One of many RED PILLS. After this is all over the American People will need a Blue Pill, not for sex but for sedation. HEY HO LETS GO!
Why is everyone so convinced none of these stocks will ever go up again? If it was that obvious the stocks would have been at $5 already. The sentiment is actually a bullish indicator if anything. BAC buying CFC -why so bad? When the housing market picks up again that investment will probably be up hundreds of percent (they have a time frame longer than 24 hours), plus there is also an intangible value. And since NOBODY can pick a bottom, how can anyone be so certain this is bad? (Don't forget about massive tax write-offs in the mean time)
I don't know what will happen with C a year out or two years out etc, but I will say the chart looks like crap, in fact its looking like a company that's heading for bankruptcy. If the financial crisis gets worse, that could well happen to a few big players. Brandon
I am sure you are able to underscore your observation with some hard facts. I mean the kind of hard facts I call "numbers crunching"...