Screamer! Open Thread

Tuesday, November 13, 2007 | 08:27 PM

Nasdaq_111307

Wow!

That was one helluva day:

DJIA:  13,307.09   up 319.54 for 2.46%
Nasdaq:   2,673.65  up 89.52 for 3.46%
S&P 500:  1481.05 up 41.87 for 2.91%

What was this today? A massive over-sold Bear market rally, or is all the bad stuff now out and behind us?

What say ye?

Tuesday, November 13, 2007 | 08:27 PM | Permalink | Comments (56) | TrackBack (0)
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a bit of both, but no way write downs don't continue. I think it was mostly short covering, as WMT news helped restore some confidence on spending. Plus, BAC came out with a $3Bln write down, and market whiffed at it. I was waiting for when the financials would start trading favorably to negative news.

There was more negative credit news Barry:

1) Commercial MBS fell to 6.3Bln in OCT, down 84% since March
2) Blackstone Pres warns of steeper losses and a mortgage black hole
3) Fitch downgrades $37Bln worth of CDO's.. Some 66 more still under negative review.
4) Blackrock's Fink warns of more credit problems, also spreading to Europe. Fink also warns liquidation of assets have not occurred yet. Also says comm re loans are now harder to get.
5) Held To Maturity accounts will have unknown losses (Fink)

not over Barry. I think we will be in a period of 'short the rally' for a while until the next phase of the credit crunch hits and new sectors surprise with their credit infection.

Posted by: UrbanDigs | Nov 13, 2007 8:49:00 PM

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