On average corporations historically buy about $2Billion/day in stock buybacks. Now it's only $30 Million. That's over a 96% drop and that has occured in the last few months... Also corporations are selling new stock issues at a record pace to raise new capital.
That doesn't paint a very good picture of CEO's confidence in their own companies does it?
Unemployemnt is still rising; the real rate is over 18% if you consider all the prople that have fallen off the lists.
Foreclosures are increasing. California has a new tidal wave of NOD's from Alt-A's and Option ARM's that will become foreclosures in about 3-4 months from now... http://www.fieldcheckgroup.com/
I wonder if the PPT is buying the stock that Timmy G & helicopter Ben are converting to common from preffered knowing that congress won't hand over any more money.... Kinda fits doesn't it?
Weird times for sure. Hard to trade in and around such chaos and BS. BAC needs $34B and it pops up 17% ????? Geez....