Hi Bonnie; This looks like consolidation time, funds rolling out
and taking profits from the high rollers, then reallocating some
of that down stream as it hits bottom.
I'll get worried if we don't hold the S&P at 1120.
But I had to sell some of my winners to pick up more
on that stupid mortgage reit CMO, it's still getting
hammered..way below book value, and shorts climbed on it
this week ( I'm almost sure of that ) but can't prove it.
In general the CEs are doing bad, and selling at discounts,
RWT, TMA, & CMO have been hit hard. EMD, FUND , and MSD are
all sliding down..no body wants these bargains, so value is
not the name of the game, YET, I'm about to think when the
CEs start to sell at a premium the market will bottom, that's a
scary thought.
Jim
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