Last '06 summer was a "real" correction and the Vix w/capitulation showed it so. Looking at the Vix (that has been trending up since Aug '07) the market may soon spike above 40 - perhaps as soon as this week. But per the thread title - yeah...when it happens most won't be on top of it. Also my "Shadow knows" poll http://www.elitetrader.com/vb/showthread.php?s=&threadid=121277 indicates (thus far) most expect a down market next week - so a contrarian would say that we capitulate/bottom out and go up. Of course we shall see, but IMHO it will be interesting! pS
credit this to the NYT a classic for all time "Only last Monday, for example, Bear put out a press release saying, âthere is absolutely no truth to the rumors of liquidity problems that circulated today in the market.â The next day, Christopher Cox, the chairman of the Securities and Exchange Commission, said he was comfortable that the major Wall Street firms were resting on satisfactory âcapital cushions.â Three days later, it was bailout time for Bear."
What do you think? You think that wall street is about telling the whole truth. What they said was correct, but was describing the present at the time. The question they should have been asked is: will they stay solvent in say 1 week, 1 month, etc. Then you put them on the hook. They will not be able to give a wrong answer (reason:law suits). SEC never lies, it just answers a different question. Next time pay attention to the question first, not to the answer.
wall street investment banks and brokers are in the shape they're in because the keep screwing their customers and shareholders I never thought that the Fed. would be bailing out BSC or any of them. Is the Fed going to throw $500 billion at it Monday?.. or a trillion at FNM & FRE? not flaming anyone, but how many scandals can be manufactured by introducing more junk securities products? even GS wouldn't give back customer's money invested in auction rate securties that were marketed as "good as money market funds" fvck all of them
Where the F was the FED in the savings and loans scandals and junk bond scandals? Oh thats right, it was a FED that cared and said F U and lets preserve our currency.
maybe the reason for the pious GS to go from $250.70 in Nov. to $156.00 now even GS knows how to screw itself.
BTW, FWIW I just put in a request to withdraw $1,000 from my IB account. No big deal right? Well usually it says under status, "Pending". But today it says "Request Under Review". Ha. Maybe IB is worried about a run on their accounts too. Hmmm. Not sure how our money is backed up there. I guess it's insured by the SIPC. Is that right?