I'd like to buy some in the $100.00 area....low risk at that level. http://1.bp.blogspot.com/_lfVGLL63WXQ/SMOZpZeq70I/AAAAAAAABvk/Up6_rZfP0pA/s1600-h/090808skfETF.GIF T http://actionpointsta.blogspot.com/
Hahaha I still own UYG in my IRA and trading account. Don't you remember I was averaging down on that. Also bought a lot of QLD and SMH last thursday and Friday (read my posts) so I could care less where SKF trades tomorrow. Will average down in SKF under 100 if I have to tomorrow. The end of this credit crisis is far from over. I predict at least another 300-500 billion worth of writedowns coming for more banks as foreclosures have yet to peak and billions of ARMS reset into 2010. SKF will be back above 110 sooner than you think.
I promise you one thing: Banks will bottom out way way before all the bad news is out and way before you think the worst is behind us.
Well thats not for quite sometime, probably sometime at the end of 2009 early 2010. Im not bullish on this market until foreclosures have peaked and ARMS have all reset which is not taking place to at least 2010. The bailout of FRE and FNM is alot worse than you think. Let the markets rally on false hope that they think the bottom in housing is near because 2 giant mortgage companies just got bailed out..... I would not be surprised to see all of of todays gains disappear by 4pm. Sell todays rally, DO NOT BUY.
Leave it to you to actually be so freaking NAIVE as to think that the entire U.S. stock market revolves around housing. You need to go back to school and take a class in Econ. 1 Do you even have a clue as to how much of housing makes up of GDP? Do you even have a clue as to what percentage of equity weightings "financials" make up the S&P 500? Apparently not.
Until housing comes back the stock market will be trading either down or sideways. The reason for the last bull market was due to the housing market surge, there is no catalyst for another bull market not today or anytime soon. LOOK AT LEH!!!!!!!! WOW SKF NEW INTRADAY HIGHS.