Today the Qs and IWM decisively kissed the LR30 channel goodbye. The XLE looks like it might be next to follow suit, but one of my trading survival mantras is to never underestimate the power of big oil to foil the markets. The XLF is actually looking rather bullish relative to the other sectors, perhaps buoyed by positive expectations of the bailout. So far, reaction to the bailout plan has been very neagtive. With the ball in the House's court, expect renewed range expansion.
I didn't know whether to laugh or cry when I read that Al Fishman was paid $19 million for 3 weeks of work as WaMu's CEO, Sept 8 to 25th, while shareholders got zip when WM went down.
Also turns out WM did a little fiddling with the numbers before they went under, so their real asset base is even more dismal than JPM had figured. Hey!!!. Don't you guys ever use accountants to look at the balance sheets before you buy these turkeys?????? Amazing, and an insight into the rampant incompetence and scoundrel mentality that has finally come back to bite Wall Street, with you and I as the long term collateral damage.