Friday, September 19, 2008

What happens Friday after close

Its Friday. D-DAY. Will the FDIC get another bank to add to their failed bank list or not?

I wouldn't be long the US dollar going into this weekend. Those are my thoughts.

I'm trying to analyze todays rally.

Lets face the facts. The government is accusing institutions of spreading rumors and causing stocks to sell off hard and they are blaming short selling.

Obviously we were oversold, but was the buying caused by the rumors of another short selling ban? Or was it rumors of the US government setting up another bailout?

Who's the one spreading rumors now?

Was the government blaming short selling when we were making new highs last year?
Or could the selling be because all of these big banks lied and had major loses?

Investors withdrew money from money market funds and mutual funds in epic proportions the last month, especially this week. Surely some of this weeks selling in the market was forced due to hedge fund liquidations, but no one knows for sure if we are out of the woods yet.

Good Luck People


Harry on 5:54 AM said...

Another bank? come on. The US govt is starting a $1.2 TRILLION "Troubled Banks' Bad Assets Keeping Fund" that will take care of all "Bad Assets of All Banks".
Hillarious moronic act, when the US is neck deep in global debt and the budget deficit is already soaring.

This is official End of Capitalism :)


Bluedog on 8:58 AM said...

I'm trying to figure out the best way to play this, too. I'd like to go long SKF, but the market is so manipulated now.

Joe on 6:47 PM said...

Bank Name Closing Date Updated Date
Ameribank, Northfork, WV September 19, 2008 September 19, 2008

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