Goldman just put Citibank on their conviction “sell” list and believe more significant write downs are coming, they actually like MS. They believe C could right off an additional $9 billion and MER an additional $4 billion. As I mentioned yesterday I am staying short the group. We have existing home sales this morning, this historically is a good month for home sales, so a bad number will definitely add pressure.
Thanks for all the comments yesterday. Look, I mentioned that so everybody can be better and maybe learn from this site. There all kinds of folks that read this blog and they are from every corner of the world. There are new investors,young people,traders,professional investors,brokers and funds. I encourage public comments instead of e-mails, I get a lot of those, but prefer the comments, so everyone can get ideas and exchange thoughts about stocks and the market, Some great stuff can come off that section.
Futures are lower and Japan is down six days in a row. About a month ago I posted that I was going to get short EWJ, I never got around to it and it dropped 10%. It might be an interesting bounce play here though.
I am watching ferts and energy long and more financials short today, mainly C and MER. We are very oversold so anything can happen.