Posted by: inthechips In reply to: None Date:8/14/2007 11:26:56 AM Post #of 8625
S&P nearing 1427 support.... Sentinel Group, issued a letter to clients halting redemptions from money market accounts.... This is just what we don't need here....
S&P's 1431 low today needs to hold or we'll see another strong leg down to the 1400 level.... Shorts on KBH, CTX and LEN still have a ways to go before the next bounce....
Financials like GS & LEH threatening to break intermediate lows.... If the Financials breakdown here 1400 on the S&P will come into play rather quickly....
11:12 Floor Talk: Equities weakening after fund halts money-market redemptions
The morning started off relatively quiet, with no major liquidity-related headlines. However, not long after the open the mkt began to weaken after news of a money-mkt fund halting redemptions began to circulate. The news is that Sentinel Group (a fund which we don't have a lot of information on), issued a letter to clients halting redemptions from money market accounts, saying "we are concerned that we cannot meet any significant redemption requests without selling securities at deep discounts to their fair value and therefore causing unnecessary losses to our clients." While we don't have much information on Sentinel, these are some of the first headlines we've seen regarding money-market problems, and the headlines are being picked up by major media outlets as further escalation of the recent credit/liquidity issues... Additionally, we've heard some vague chatter regarding mounting subprime-related losses at a couple of US investment banks. While this would not be anything new, the brokers seem to be leading the mkt lower... Dow is now -159, SPX -19, Nas -26.
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