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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Giordano Bruno who wrote (345153)10/8/2007 11:58:37 AM
From: stan_hughes  Read Replies (2) of 436258
 
Well, I got everything right about the housing bust and credit crunch effect on the banks and the timing of their confessionals and all the massive writedowns, but I didn't expect the market to see such debilitating things as bullish and trade the indexes up to new highs (as priced in USD anyway) in the wake of the announcements. Glad I'm not short yet.

So now we have a new blind side setup, i.e. the notion that everything bad has now been discounted in credit land, and that all is well or at least baked in. This misplaced confidence should provide a lot of tinder when the next credit-induced down wave comes and hardly anyone is positioned for it.

Another nice day weather-wise in my neck of the woods (89F forecast), so you have the con today in directing the interim rally to Dow 40,000
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