by Jack
Closing bell: DOW Dives -634.76 -5.54% NASDAQ 2,357.68 -174.71 -6.89%
This was a record day, as expected, it beat Thursday’s record drop by a wide margin. Among the local stocks of interest, Bank of America lost over 20% in 8 hours. Bank of America warrants fared much worst, some sank almost 50%. Is BAC in big trouble?
EVENING UPDATE: Big-money investors are selling, and fast.
For all the talk of the need for investors to avoid panic, hedge funds have been dumping the shares and debt of many of their favorite companies, according to investors and traders, contributing to a downdraft in many stocks.
Stocks widely held by hedge funds, such as Bank of America Corp., Goodyear Tire & Rubber Co., Dendreon Corp., Ensco PLC and Charter Communications Inc., fell more than the market on Monday. Other funds also are selling junk bonds and loans of companies.
Sell off has extended into Asian markets as we speak. Huge global losses. Tuesday should be a down day again if Asian markets are any hint.
BOA is in trouble, but I don’t think they will fail. It is now nearly a penny stock. I am thinking of buying because I think it close to tanking, but I don’t recommend it. Too risky. I may throw in for a small block and then dollar cost average if it goes any lower, but only because I think BOA will survive and rebound after the 2012 election cycle.
The Cult Of Obama is nearly over.
The Keynesian theory of guitar amplification —
http://www.youtube.com/watch?v=EbVKWCpNFhY
Jay Carney, White House press secretary: “Well, again, we’re not — we don’t spend a lot of time focusing on things we can’t control. We spend a lot of time focusing on things that we can do that will have a positive affect on people’s lives. And specifically on their economic lives. And so markets go up, markets go down. It’s not for me to judge why.”
http://tinyurl.com/4xz5jy6
http://www.youtube.com/watch?v=jzYpADZiv00
Excellent. Will you believe I’ve just gone to work for one of a myriad of law firms representing the BofA in a myriad of mortgagee lawsuits.
Ah … capitalism.
Re: “Excellent. Will you believe I’ve just gone to work for one of a myriad of law firms representing the BofA in a myriad of mortgagee lawsuits.
Ah … capitalism.”
Thanks for the information. Knowing that you are working for BOA has changed my mind. They are doomed.
William Shakespeare, was right on the money.
It was only one sentence, but you need to read it again … carefully.
I read it just fine the first time Libby. Allow me to rephrase my comment so that even the village idiot can get it —
Thanks for the information. Knowing that you are working for a firm that is doing work for BOA (e.i. working for BOA) has changed my mind. They are doomed. (Especially if they are hiring out to firms that employ nitwits like you.)
Read that carefully.
ROFLMAO!
And now, carefully, you can go google the phrase “ad hominem attack” … and find out how effective it is, rhetorically speaking.
And after that … you will read my posts, carefully, and see if you can think of any sort of substantive rebuttal, or, you can continue to give us grounds to chortle … your choice.