Well we have made it to the end of another year, and this one has been quite a ride. This is the last full trading week of the year, so barring a huge rally, the Dow, NASDAQ, and S&P will all end the year with losses north of 30 percent.
What do the Iraq War and 90 percent of investor’s have in common? There’s simply no exit strategy in mind. So if an exit strategy is so important, why don’t most investors plan for one?
From the Five Minute Forecast, “Citi came clean with another $12.1 billion in write-downs. They announced a $5 billion first-quarter loss this morning, too.
The loss is larger than expected, but a higher-than-expected top-line earnings number has given traders reason to celebrate, apparently. Ticker C rocketed up over 8% in premarket trading. Our best guess: A known loss is better than the great abyss. And there are still plenty of folks willing to time the bottom in any one of these behemoth Wall Street banks.
US banks continue to rack-up losses amidst the credit crisis.
Wachovia, one of the largest banks in the US, reported a $.20 per share loss in the first quarter, versus forecasted gains of $.40 share… Quite a reverse of fortunes…
Andrew Snyder says, “You do not think the credit crisis is over just like that? A few weeks of ups and downs, some presses releases, and some rule changes and the economy is fixed. Get real. This mess is just getting started.
