Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: GROUND ZERO™ who wrote (78401)	1/8/2008 7:46:35 AM
From: Real Man	Read Replies (1) of 94695

Right. I am looking for a possible rally to close the gap around 1450. Then I hope WFC gets to 30, my potential short level. WFC was the top originator of subprime/Alt-A loans in 2006. While C came out quasi-"clean", and thus the stock dropped, WFC so far decided not to. I believe they will have to disclose a lot of damage. I expect WFC to have a similar drop to other financials. They report on the 16-th. A lot of banks will state more huge writedowns this earnings season, which will have a very negative impact on SP earnings, IMHO. I'm not sure if C is done to the downside yet, but I doubt Citi will go out of business. This is not pretty. E-trade will fail in the first half, so will Countrywide. Wells Fargo will have to report significant damage.

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