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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (77578)	11/19/2007 12:27:50 PM
From: Real Man	Read Replies (1) \| Respond to of 94695

I got out in the morning, so now it can rally -ggg- 90.62 was May-2004 low for the banking index, BKX, which is driving the whole thing lower. The low today was 89.96. If this thing does not bounce, it's going to crash, since it is trying to violate a major support, with the next stop somewhere at 2002 bear market lows. Not good, obviously. I think it might be crashing. And, this is Fannie, probably worth a few tens of trillions notional in mortgage derivatives. It broke everything, and is flying down Enron style. That's not funny. Gulp! If JPM starts doing it, we are doomed.

To: GROUND ZERO™ who wrote (77578)	11/19/2007 12:42:31 PM
From: Real Man	Read Replies (1) \| Respond to of 94695

I think if all Wall Street firms go broke, this market won't be able to go up and will more likely BK. -g- JPM is not doing as bad as CITI. GS is doing good, but a lot of major banks have very ugly charts.I think a fight for survival between banks and brokers is going on. Some have very positive derivative exposure, some very negative, at $500 Trillion notional. It's a very high stakes Poker game, with only a few players at the table. 1/2 might thus collapse if derivatives can't grow exponentially anymore. Obviously, everyone and their mother sold all the Junk to Fannie, a government sponsored enterprise, and we can see what FNM is doing -g- The Fed can't bail out $30 Trillion, the Poker game must go on, and all the mutual agreements must be kept hush-hush. Looks like Citi may be going under.