This is Woodshedder, after a successful rsi2 trade.
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Joined Nov 10, 2007
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So you’re putting in an extension phone on your fire escape or sending your in-laws to Florida via your new found wealth?
Classic Olde School Crooklyn, represent!
that was an impressively hilarious analogy.
Merrill Lynch Pierce Fenner and Fly
Doug Kass
Extraordinary Value in the Financials
6/12/2008 8:15 AM EDT
Big call this morning out of Morgan Stanley’s (MS) strategist to overweight financials and underweight energy — a notion I am entirely in agreement on.
From my perch, I believe that many disbelievers in financials and believers in energy are essentially playing the price momentum and are ignoring the value one on hand and the lack of value on the other hand.
I recognize that value is in the eyes of the beholder. That said, it is important to recognize that many macro indicators of the credit market are stabilizing (e.g., swap spreads not widening and bank preferred issues and bank debt not falling). As well, TED spreads and bids to cover at Fed auctions are not indicative of rising financial sector stress — all the while the KBW Banking Index (BKX) moves ever lower.
Looking at financials for the intermediate term, I find extraordinary value.
Holy Shit! Gasparino reporting Erin Callan shitcanned as CFO at LEH.
lol Callan out after 3 billion dollar QUARTERLY loss. Now in the world of “buy the rumor sell the news”… with negative news and a stock that you’re short, do you cover shorts on the news, or sell more?
There are an egregious amount of errors in that note from kass. Don’t they use spell check and grammer checking?
By the way is it still a rumor with LEH or was it the truth all along? That hedge fund manager will receive a massive amount of inflows now.