HUGE LOSS AT WACHOVIA

US STOCKS-Futures slide as outlooks spur economic fearat Reuters(Tue 8:01am)
Stock Futures Suggest Early Selloffat TheStreet.com(Tue 7:59am)
Wachovia loses $8.86 billion, slashes dividendReuters(Tue 7:51am)
Wachovia has $8.9B loss, cuts 6,350 jobs, dividendAP(Tue 7:49am)
Wachovia swings to loss on writedown, cuts divat MarketWatch(Tue 7:43am)

Similar HUGE Losses have been news all week except of course those MULTI $$B losses BEAT expectations..!!??

Raise your hand if you think we are in an environment of EXPANDING CREDIT?? Banks hold in capital usually 10% of all outstanding loans....what happens when a bank suffers HUGE losses from BAD loans?

Results from AMERICAN EXPRESS should not be seen with surprise........once housing values began to FALL the home ATM machine was cut off, those needing credit or wishing to remain in the high life resorted to use of credit cards at MUCH HIGHER interest rates.....this concerns me...maybe it's time to test the lows and we'll see if markets can settle down for what some have BEEN calling for "MULTI MONTH RALLY" , but what many forgot to warn is some of the WORST MKT DECLINES have began from DEEPLY OVERSOLD markets.......WHO is going to step UP and BUY?

We will know something good may be approaching only AFTER we see PANIC BUYING (90% up day) and is best if that follow QUICKLY from a 90% down day or series thereof...if not lower prices are obviously needed to lure in buyers.

In this environment is it better to remain SAFE and PATIENT......or try to FRONT RUN a ST or INT term bottom for FEAR of missing the violent upswing?

D