WRONG ! everone was so hyped up last night. look at it logically,things have to be catadtrophic for the government to offer a 700billion dollar bail out. we will see new lows. WACHOVIA-GONE ! who's next?
I am a newbie so this probably means nothing but that's what I was thinking. The market would be neutral until the vote came out. I hope this still happens. I am looking to dump a few things today and go completely to cash. Good luck! Vote is before 1:00pm for the Jewish holiday.
This is a BAD OMEN regarding what the market thinks of this pending legislation. Why pass it if it won't shore up confidence? Banks dropping like Dominoes.
Let's put it this way: if stocks do not rally from this gap lower and close unchanged or up on the day, then we are in deep shit, and an "October special" would certainly be on the cards.
Maybe when Paulson said we need 700b, they should have just said yes and worked out the details later.( they aren't even necessary now). More like a shoot first ask questions later. Imo, Paulson's 700b was more a psychological boost at the time, any effect has long since passed. Classic sell the news.