Financials to go up for good?
What do you guys think, they're up hge today.
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Short covering rally, my friend. More darkness ahead.
I seriously doubt they're up for good. There could be a high level of volatility for a while.
Yea I think the shorts are taking profits, market reacted positively to (oil) supply news and subsequent price decline, + Wells news...its going to be a bumpy ride with a lot of volatility but i think the trend will continue downward due to the massive pressure placed on the financial system by F&F and continued defaults/writedowns
I'd guess we're about a 1/3 of the way through total writedowns.
at least one more big bank will fail, followed by a number of smaller ones. the financial industry will look quite different a few years from now. im expecting mass consolidation.
what about short term, like within the next month?
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