ah another big dip of worry and then the announcement. wamu down 31% back under $2 on fear of deals drying up plus this weekend might add another bank failure to the books. 13th I think.
long term (1 year) financial aren't out of the woods. more foreclosures and preparing the auctions will take a while. might be until 09 before the first set of them start. that will compete with the foreclosure rate. I think spring 09 we might start to see financials really moving up long term.
3months - more whipping around ugly earnings, ugly economic reports. lot of sideways action until auctions.
the announcement will give financials a shot in the arm. maybe a week long run into the shorting ban expiration. one more week on shorting ban then back down? will shorts dare it the way the SEC acted, overnight rule change? maybe major profit taking ahead of the shorting ban on fear that shorts re coming.
just a bunch of guesses.
sorry slow to type. one handed for now.
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