On the internets today:
Officials close to Paulson are privately painting a far bleaker portrait of the fragility of the global economy than that advanced by President George W Bush in his televised address last week.
One Republican said that the message from government officials is that “the economy is dropping into the john.” He added: “We could see falls of 3,000 or 4,000 points on the Dow [the New York market that currently trades at around 11,000]. That could happen in just a couple of days.
I think it’s time to re-visit the S&P 500 v NAHB housing graph:
{ 2 comments… read them below or add one }
Ivan prokopchuk 09.28.08 at 3:46 pm
Oh dear.
Wait until all the other loser banks try to join the welfare line.
My friend Bausch, he lend you a boat.
SoContent 09.28.08 at 11:31 pm
Just on pure chart technicals, lots of accumulation at lows on Dow that indicates absorption. Probably a pre holiday rally but reality will set in after new admin is in from February 09. Market makers plant stories in UK Telegraph and Sunday Times weekends. NAHB still scary.