I think COF is currently in better condition than most but it is going to get real bad for them in a hurry. People charging Christmas because they have no money and no job thinking they will get a job soon. No job will come as thousands are being released from work weekly. New unemployment claims are about to get out of control. No job, no income, no money to pay credit card bills. COF's April earning announcements for Q1 2009 is going to send this stock and a few others like AXP, C, and BAC to near junk value or very close in my opinion.
US indexes seem to be holding up better than the rest right now but I don't think Americans really understand how bad it is about to become. Traders are currently trying to catch a falling knife right now, the knife has barely even started its fall in my opinion. So many Americans are so naive to what is going on and think this is only a temporary oversold condition. I am a glass half full kind of guy but I understand the severity of what is taking place and I really feel for everyone as we go forward.
Brad
The info and DD I provide is accurate and factual to the best of my knowledge but still I am human and you should always do your own DD.
Benjamin Franklin once said -
"I am a strong believer in luck and I find the harder I work the more I have of it."
AI
