Short Term Trading Member Forum

[techcharter]

3rd Day of 5 New Lows on ABX Index.

The worst index is priced less at 30c on the $. The other indexes have made their turns lower after a month of consolidation.

I could see a penny stock dropping 70% real quickly, but real estate backed debt? A run on the Countrywide Bank, and one on North Rock in London. Barclay's bank is actually reducing credit card limits on customers who have been marginal in the past, and clamping down on those maxxed out. Honest mortgage borrowers received foreclosure notices when American Home mortgage wouldn't give Freddie or Fannie the debt documents so the payments F&F are processing go to the correct escrow accounts / municipalities for property tax. These are the sign of a credit/ confidence meltdown that just isn't going away. If the equities market takes off as several on the board believe, then it will be followed by a huge crash. That's why I'm short the stock market.