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Politics : Welcome to Slider's Dugout

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To: maxncompany who wrote (4602)	2/27/2007 10:31:19 PM
From: SliderOnTheBlack	Read Replies (2) of 50610

Gold bug drive by... max re your comment of: ["I think some of you are missing that the market as a whole, in fact the world market, got hit. Gold/silver by no means got singled out for abuse."] I disagree. The Dow was down - 3.29% today. The HUI was down - 7.49% today. That's double the loss of the broad market. And the mo-mo fav's of the commodity speculators got hit even harder than the HUI. Here's an intraday picture of speculation gone wrong. FRG was down - 20% intraday on 4 x normal volume... Imagine this ride on margin... Today's message was actually loud and clear to anyone who was willing to listen. While China, Yen, the Dow, and Gold all got their share of headlines...the real message was about SPECULATION and a market that has severely underpriced (if not ignored) RISK. Here's my chart of the day: Today was about rebalancing risk & punishing speculation. This market is levered to the hilt, fear is absent and risk has been both mispriced and ignored. Subprime mortgage & credit card lenders are imploding. Freddie Mac was forced to come public today and announce changes to underwriting standards. HSBC took a massive hit and 2 top execs were fired. And 20+ subprime lenders have already went bankrupt. -- Greenspan is talking down the US market. -- The Chinese are talking down their market. -- The ECB is still tightening. -- Durable goods orders are falling. -- Cap Ex spending is weak. -- CEO confidence is collapsing. -- Housing is rolling over. -- And Subprime is in meltdown. Not a pretty picture for risk and speculation. Slider

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