S&P and Banks
If you were to run a fib retracment from the recent highs in november to the low in november we are smack dab at 50% retracment. Next shot for the S&P is 740. Loaded up on some more HBC puts and FSLR puts. Bank of america is askin for money citi group is screwed. Banks are in real trouble. Here's a way to look at it. You bought a home for $200,000 dollars. The house is know worth $150,000. The bank gave you a no money down intrest only loan. You then lose your job and declare bankruptcy or foreclosure. This bank now has a $50,000 dollar loss. This is happening and everywhere. For example DB declared a 6 billion dollar 4th quarter loss. 6 billion dollars in one quarter!
Where the hell did all the money go?
We go lower.
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