Back from a great trip over the long holiday. So getting on the computer about an hour ago to see what happened while I wasn't here and kaboom the futures are down huge overnight. over 250 DOW points and 30 S&P. I am sure there is some news rattling the overseas market but as I have been saying this market is going to have a rough time.
I can't understand why people needs to be in the market! CASH is a position, folks buying and saying a stock is cheap is no reason to buy! those stocks can get cheaper and something most people dont correlate is that when funds are selling they sell everything. Actually alot of funds now trade ETF heavily and that means no individual stock is spared from this volatility.
For those who believe the banks are cheap, I say this "They will get cheaper actually alot cheaper, so no need for me to step up here and guess this is some bottom". GS is bound to see $75 before all the selling is done, MARK THAT DOWN. BAC too will see below $6.50 very very soon.
I wont believe the selling is over till GOOG gets close to $400 or in the $300 area but that's just me.
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