Market continues song and dance: Subprime drama, which is irresponsible. No one is taking the responsibility: the Fed, SEC, or the Gov -- manipulated by WS
Posted by: __1Best__
In reply to: xe2dy who wrote msg# 2137
Date:8/16/2007 1:03:39 AM
Post #of 2141
Yes, I know what you are saying; however this is nothing new.
I commented subprime issues during Jan-Mar 2006 that we will face the problem.
During Jan-Mar 2006, I repeatedly commented that we will face the mortgage default problem when interest rate rises.
This is very old problem which market is using it as an excuse to take market down.
None of these issues is new, but playing dumb is too obvious drama.
Market was calm only three weeks ago. This is media drama to escalate public fear and to use it as an excuse to make massive short side profit - especially with eliminating up tick rule.
The current short side sell-off is more than I expected and my initial anticipation was 3 months consolidation into Sept/Oct.
Again, based on many comments on various ARM and subprime comments which we have seen, as I also repeatedly commented during Jan-Mar 2006, the recent drama is irresponsible and ridiculous.
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