CLICK CHART TO ENLARGECountrywide (CFC 5.57, -2.07) is preparing to file bankruptcy as soon as this week, according to Bloomberg.com.
Meanwhile, bond insurers got hit after reports indicated Morgan Stanley cut its bond insurers profit outlook. MBIA (MBI 13.46, -4.16) and Ambac (ABK 19.59, -3.89) shed 22% and 17% respectively.
I heard last 1/2 hour (was out of office after 1:30) consumer credit report was out...instead of $8B they put on $15B on credit cards.....sinking...
Just read my back posts to any new reader, you will see why I was worth reading.....and when I said what I said.
We are teetering at the precipice, and oversold hasnt brought the snap back rally expected...I think the market is saying more danger ahead, all laundry not aired, and it appears a BEAR MKT IS UPON US.
Duratek
1 comment:
If we dont bounce off of the 8/16 lows, we are headed to a 20% correction. We broke out ofthe 90 day distribution today. Lots of good rotations the last few days. You should use the trading analyzer to track your progress. The swing version would be right for you. Keep up the good work.
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