Wednesday, October 8, 2008

Nothing Good

“When sorrow comes, they come not single spies, but in battalions” Hamlet, Act iv, Sc.5
Well, oil is down again.

Is it Friday yet?

BofA, Oneofthefewbanksthatwillnotfail, barely got its $10 Billion equity offering done last night.
Asian market got crushed overnight and Europe is taking a beating as we speak.

Iceland the country is almost out of business.

Aluminum giant Alcoa reported a terrible quarter.

Mutual funds and edge funds alike are reportedly seeing huge outflows. I have been in environment where you spend most of your day deciding what to sell. It's not fun.

My gut is that usually after declines like these, there is more talk of valuation, such as, "I'm not sure when the bottom is but stocks are very cheap here." Maybe that means we're closer to the investor disgust phase and therefore the bottom, but it's tough to say.
At least the election is over.

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