It just shows how incompetent the Fed employees really are. How naive to talk about "good bank earnings" in light of what we have all seen in the past two weeks. There are serious problems on most banks books - mostly related to the bursting housing bubble. How naive to think that those problems will magically go away in Q2, Q3, whatever. It is not all black, I'm sure, but to make these kind of statement makes me real angry as some similarly naive people might believe the bs and buy financials - the risk is still very real - maybe more than ever. Things WILL turn around at some point - but we need stability and outlook first before we can turn the corner. glta
Of course. The Fed is trying to talk the market up like some of the posters here. If they say something is bad, the market will tank. If they say something is good, maybe it won't. They basically can't print enough money to fix the problem without being too obvious, so they figure a little PR couldn't hurt. There is some sense in trying this, but I prefer to be on the side of reality. There is no recovery in sight yet. More people are unemployed, fewer are buying, and those who are do it because the shops are basically giving away product for cost or below.
Ehhh, Ken Lewis just said that BAC has serious problems with increasing defaults (bad loans) and had to set aside $130b. BAC belongs in the 3-5 range until they can provide guidance. Ignoring the fact that unemployment is close to all time highs and defaults still increasing is just plain dumb. How you didn't loose all your money on BAC. gl
Bull-hit!! I have 16 listings in Southern California, priced below builder cost and can't sell a damn one!! Housing recovering is a joke, wait till all the new forclosure start up again since the government put a halt on all that crap. Wishfull thinking!
sure, you need to sell if spike at early trade. this is very risky after 20% jump. i should have been out last minute into the close. now, holding with some nervousness.
wish a big jump in 0-30min. i will be all out for safety. no fun to be caught to hold the nasty bag.