No, the fate of the market will not be decided by the coked out morons at CNBC. They can replay the same ol’ homo-gay [[ABK]] rumor news, at 3:45, everyday, for the next 10,000 days, for all I care. It will not change a thing.
While it’s true, thanks to the friendly help of the imbeciles at CNBC, the market put in a “faux bottom” yesterday. It’s also true, we have yet to see the 10-k’s.
What is “The Fly” talking about, you gingerly ponder?
Well, I want to see the annual reports of all the usual suspects, including [[C]], [[BAC]], [[IMB]], [[WM]], [[WB]], [[LEH]], [[GS]], [[MER]], [[MS]] etc. The auditors WILL NOT sign off on half measured writedowns. They’ll want the entire kitchen, not just the sink, to be disclosed.
Until we see them, I would not be surprised if the market bounced here, led by ag and basic resources. With my money, I will not chase stocks. Instead, I will use the spikes to sell them.
The real question I have for you is this: How is CNBC permitted to disseminate market jarring news, almost everyday—20 minutes to the close, without an SEC investigation?
It is mind boggling to me, that Gasparino is allowed to get on his pulpit and spread rumors, without anyone raising an eyebrow.
With that being said, [[DECK]] looks good to buckle under $100—sometime soon.
NOTE: Very long [[SRS]]
|FDIC ‘very concerned’ about commercial real estate, Chairman says – DJ
||DJ reports the FDIC is increasingly wary of potential bank losses from a downturn in the U.S. commercial real estate market, Chairman Sheila Bair said. “While I hope that the (commercial real estate) market has a soft-landing…we want our insured institutions to be ready and fully prepared to work through a sustained downturn,” Bair said in a speech at the Independent Community Bankers of America conference in Orlando, Fla. Bair said the FDIC is particularly concerned about the potential for the current housing crisis to lead to broader problems in banks’ loan portfolios. The worry is especially acute for community banks, which typically have highly concentrated commercial loan portfolios.
NOTE II: The refiners are in a miserable downturn, all near or at lows, including [[TSO]], [[VLO]], [[HOC]], [[WNR]], [[ALJ]]. I’m wondering, with the driving season right around the corner, are they screaming buys?