After 2pm Bearn Stearn's CFO had a CC.....and said...... this is the worse mortgage environment....he has seen in 22 years.......Sub-Prime issues are worse than Internet Bubble.....Quite a DRAMATIC statement to make during trading hours......@ that time... markets were down only 10 points both in Dow & Nasdaq...the rest is history.......
Cramer also went into his RANT @ 240PM on CNBC...stunning Erin Burnett when markets were down 120 points......rest is history also.....
Ara Hovnanian owner of HOV owns 10% of his company said on CNBC on my favourite Fast Money show.......this is not as bad as 1991..and financials are much better for Home builders...this time around.......
SNDK gave me a big helping hand in today's ROUT......stayed GREEN till close.......
UXG was down 3 cents.....
RIMM,SNDA & STP bowed to the markets negative command.....gave ground today.
I expect TECHS to LEAD this market into strength......
I will be posting saturday by 10am list of technically strong stocks...plus will give you list of technically WEAK stocks also...you can GUESS which list will have more stocks.....
BLOG does not give buy or sell.
Saleem
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