05 March 2007

Is It Over?

As expected, the 1720 level in the NDX futures provides support for the weary bulls and cold comfort for the anxious bears...The absolute beating continues in the sub prime mortgage sector with New Century Financial (NEW:NYSE) down more than 75% today with Novastar (NFI:NYSE) down almost 40% on top of the absolute massacre from last week...value play? I don't think so...looks like bankruptcy for the both of them or a $1 absorbtion like what happened to Barings Bank back in the day.
Probably a quieter trade into the close today and then we'll see what the overnights do...it seems to be their market these days anyway, doesn't it?

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