Man the rallies are becoming shorter in duration with more dramatic pull backs.
All kinds of things going on today. Rumors surrounding big losses at Merrill combined with the lawsuit they filed with one of the smaller bound insurers. Also heard that after the Bear Stearns debacle the prime brokers are taking in credit they have offered hedge funds. Forcing liquidation in all asset classes. Starbucks CEO Howard Schultz talking about how the economy is in a "tailspin." Also the credit crises has not abated. I figured after the latest Fed move it would take a breather if only for a few weeks. One thing I heard was that the mortgage market actually started trading again today but the return of trading actually brought prices down. Exactly what the Fed wanted right?
The link below shows that the third wave of the liquidity crises continues.
http://calculatedrisk.blogspot.com/2008/03/financial-crisis-third-wave-still.html
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