Can you say: M-A-N-I-P-U-L-A-T-I-O-N? .......Manipulation = the condition of being controlled or played upon by artful, unfair, or insidious means especially to someone's own advantage. The someone in this case are the government with the banks!
Very simple, they ran everything up so they can profit the most when they run it in the ground. This is a repeat of last summer, we all know what happened in September and October.
They played games with LEH and WB, ran them up and down 50% a day. In the end, LEH was worthless, WB went out at $6. None of us will ever know the truth, the only truths we do know are the ones where the stocks went to zero.
Ken Lewis is now in a battle with the government. He knows that BAC will most likely line up under government control. He doesn't want to be the fall guy. He is going public now before they push him out. Even worse, he might line up like the FRE exec.
Economic news just gets worse yet the bank stocks go higher. 640k jobless claims, no big deal, right? 6 million unemployed, how are they paying their bills?
Sooner or later the market has to face reality. We lived on credit for decades, now the government is supporting everything. It simply can't work, we are headed for disaster. We have no plan, all we do is throw money at everything.
If BAC goes the way of C, this market will see new lows. i think Obama wants to nationalize the banks, he is doing it via the back door.
Panic buying leads to panic selling. We are two weeks in to this nonsense because of the stress tests. Earnings are over, no one will believe the stress test results and the market will sell off.
Great Post, I agree. This has all the earmarks of a major Bear Market Rally, that will be followed by an extended leg down. I could be wrong but I think it starts tomorrow.
So, it is time to look into jumping into FAZ...
it may just be that things are so bad that the ppt will do anything to prop up the market. i know us longs are rooting for the market to crash but the damage to unmasking of the real economy will put us in a near certain depression that will wipe out the dollar and everyones savings.
not a matter of if but when.