Well as most of you know I have been banging the investment banks since last year. I have noted many times that these institutions are the main catalyst of the financial meltdown we are currently seeing.
Bear Sterns is one of those who invested heavily in mortgage derivative and now it is coming to bite them like a shark. Today Bear is down 13% and I will say it again these investment Banks have a lot further to go on the downside. Don't listen to the talking head talking about good buys and bottoms, yep if I bought bear stern on friday I would be down 13% in 1/2 day crazy. Wait for the dust to settle before you think about buying any of these stocks. The thing is in my opinion this is just the start of the downside for them. Lehman, Bear Stern etc have alot of disappointing news to tell shareholders and employees in the next few quarters.
Sorry to be the bearer of the grim news but it is just reality!!!!!!!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment