That's the way these reports work Trader, what gets me is the way they spin it in newspapers that are supposed to have credibility and it dupes a lot of people to think the economy is okay -- while it ain't.

[edit on 2-11-2007 by anhinga]

They took it as a reason to gap the market up today, then selling took over. I can't explain the intra-day market action though, was in meetings all day.

They just announced an EMERGENCY BOARD MEETING for CITGROUP to take place over the weekend. I assume they are going to call for the resignation of Chuck Prince, the CEO. He never should have had that job to begin with. I am sure he will get a BIG FAT PAYCHECK to walk away too.

Could be worse, they could be deciding on how to announce further write downs and such. If thats the case, they could really sell the market monday, but I believe it will be the first option!

I think the midday was attributed to the foreclosure stat from yesterday -- up 30% or 1 in 200. No one can recover from something like that, gotta be a lot of heads selling their stocks to get into another living situation. Ended up closing up a couple points. Stocks will be fine until next year, then the real foreclosure/bank resets are due -- we'll see how low it can go from this (still) all-time high.

It's cool to have you on the floor Trader, I feel like we get the scoop/insider info right off the wire.

REsigned Sunday afternoon

Looks like write downs could be in the $8 - 11 billion range.

Yeah, I read some MSM spin headline like 'Rubin Saves the Day'. Poor sap is just the fall guy. Prince bailed out just like Greenspan. At least they're smart enough to know to bail before the Cliff.

These people that replace them (Bernanke) must be paid off to take the blame. Or, their Ego leads them to believe they might actually have a shot.