The market was down today. Any hopes of a rally were dashed.
Dow was down -119.96 (-1.03%)
Nasdaq -33.42 (-1.30%)
S&P -14.47 (-1.19%)
Our watch list picks are on track. Special attention to Bank of America. BAC closed at 7.91, down -3.18%. When we posted our short sell picks on Monday, BAC was at 8.39. This is recap of the other picks.
HIG Monday 19.42 closed today at 18.30
VQ Monday 11.76 closed today at 11.23
MILL Monday 3.65 closed today at 3.37
MTG Monday 2.93 closed today at 2.41
CIS Monday 5.62 closed today at 5.70
We missed on CIS. All the other picks would have made you money.
It looks like Bank of America will be taking some more hits and will sink lower. The Federal Government is expected to sue B of A and Goldman Sachs. The U.S. Federal Housing Finance Agency will be suing more than a dozen banks. The lawsuit is claiming that the big banks misrepresented the quality of mortgage securities they assembled and sold.
This lawsuit is one of many that Bank of America is facing over bad loans and mortgages. Most of these loans were from Countrywide. We believe that BAC will fall another 0.50 by the close of the market on Monday.
The blog is about trading stocks. Most of our trades are short sell. What goes up must come down. It's a matter of when. We will give an account of each trade.
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