This is why the dow went from -224 to -42 in about 30 mins

Discussion in 'Trading' started by S2007S, Mar 13, 2008.

  1. S2007S

    S2007S

    Amazing isnt it.....they think its over, reminds me of when bernanke said that the sub prime fall out was well contained....ha, tough to believe the end for more writedowns is near, I dont believe it is.



    S&P Says End in Sight for Writedowns on Subprime Debt (Update1)

    By Emma Moody

    March 13 (Bloomberg) -- Standard & Poor's said the end is in sight for writedowns by the world's largest financial institutions.

    Writedowns from subprime-mortgage securities will probably rise to $285 billion, New York-based S&P said today in a report titled ``Subprime Write-Downs Could Reach $285 Billion, But Are Likely Past The Halfway Mark.''

    The ratings company had previously estimated losses of $265 billion in January. S&P raised its estimate because of increased loss assumptions for collateralized debt obligations, the company said.

    ``The positive news is that, in our opinion, the global financial sector appears to have already disclosed the majority of valuation writedowns,'' S&P credit analyst Scott Bugie said in an accompanying statement.
     
  2. dont

    dont

    This from the morons who bought us the mess in the first place?
     
  3. For what its worth, Congressman Barney Frank just announced a proposal to buy back some of the "cancerous" mortgage securities.

    Turn off CNBC and TRADE!!!


    :)
     
  4. Nah..the real reason is because we're still in a bul market which began on Ocober 2002
     
  5. ashatet

    ashatet

    ok, do make sure that you stay long and get back to us how well you did at the end of the year. It has been a bear market since last fall, people just do not want to admit it...
     
  6. The commonly accepted definition is a 20% retracement for the S&P 500. The subjective or made up bear markets don't count.