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To: reaper who wrote (209772)	12/16/2002 3:06:39 PM
From: yard_man	Respond to of 436258

talk about optimists <vbg> biz.yahoo.com just doubling?? try again.

To: reaper who wrote (209772)	12/18/2002 8:51:34 AM
From: orkrious	Read Replies (1) \| Respond to of 436258

From Doug Kass at RealMoneyPro The Short Side of Financials 12/18/02 08:32 AM EST Reflecting our fears that consumer spending will disappoint, I will be shorting Capital One Financial (COF:NYSE) this morning. And reflecting my expectations of tepid overall economic growth when coupled with the stock's recent price rise, I will also be shorting CIT Group (CIT:NYSE) this morning. I am taking my cues from the sharply eroding fundamentals recently exhibited at credit card issuer Metris (MXT:NYSE). Metris has had some week! Its common stock has halved, and over the weekend, the company canned its CEO. More importantly, yesterday's release of its November master trust data was an eye-opener and might foreshadow eroding credit conditions at some of our short-sale candidates as well. Specifically, charge-offs rose by 210 basis points to almost 19% -- and that's starting from crappy levels! In addition, delinquencies ripped ever higher and portfolio yields plummeted. First, Providian (PVN:NYSE), now Metris... soon ? I have taken small short positions in CIT and COF and intend to increase the positions, subject to prices, this morning. short COF, CIT