What will the DOW do today?

Me | 2/25/09 | GeorgiaDawg32

[dawn53]

Interesting article along those lines of who actually owns the mortgage.

http://www.ajc.com/metro/content/metro/dekalb/stories/2009/01/25/mortgage_market.html

[Roccus]

Oh, it is most definitely SWAG! But remember, the original TARP was supposed to buy up these "toxic mortgages". Suddenly NOBODY could figure out how many there are, where they are, or how to separate them from the good ones. With the amount of top to bottom fraud that's being uncovered, instead of calling it Some Wild Ass Guess, I think I should call it an educated guess.

[freedomlover]

7,194.35 -156.59 (-2.13%)
Last Trade 10:26:01 at 02/25/2009

[DuncanWaring]

At this point you’re well outside my area of expertise.

[Roccus]

So, according to the article, “reputable” financial institutions bought the debt without getting proof of said debt. Now, picture a less than scrupulous lender (hell, he already approved LIAR and NINJA loans) who finds himself still holding that proof of debt after already receiving cash for that debt. Waddya think he’s gonna do?

[freedomlover]

Someone link me to the news headlines reporting “Dow In Sharp Decline Following Obama Speech”

(crickets)

[Roccus]

At this point you’re well outside my area of expertise.

Outside mine too. Just drawing from some experience of my mis-spent youth, knowledge of the areas and some of the people involved and being able to add 2 + 2 and not come up with 5.

[Crawdad]

SPDR GOLD SHARES
(NYSEArca: GLD)

Real-Time: 95.85 Up 1.12 (1.18%) 10:43AM
Last Trade: 95.77
Trade Time: 10:21am ET
Change: Up 1.04 (1.10%)
Prev Close: 94.73
Open: 94.73
Bid: 95.86 x 5400
Ask: 95.85 x 300
NAV¹: 96.92
Day’s Range: 94.62 - 96.41
52wk Range: 66.00 - 100.44
Volume: 7,589,376
Avg Vol (3m): 16,427,500
YTD Return (Mkt)²: 4.92%

[Crawdad]

The Dow just tanked when Barney Frank began speaking.

[freedomlover]

7,169.18 -181.76 (-2.47%)
Last Trade 10:46:39 at 02/25/2009

[GOPJ]

Now, picture a less than scrupulous lender (hell, he already approved LIAR and NINJA loans) who finds himself still holding that proof of debt after already receiving cash for that debt. Waddya think he’s gonna do?

Are you saying he would sell it? Compounding the problem? Is that possible?

[Roccus]

Is that possible?

Would answer a lot of questions posed in the article in post #61 now wouldn't it.

[GOPJ]

OMG - this could be even worse than I thought...

[Oatka]

Profit-taking. Closes down 200+.

Agreed. Rallies should be used as a time to unload. There is no really solid support until the 1,000 level(!!!). Take a while to get there though as it will be like these past weeks - 3 steps down, 2 steps up, 3 steps down - like an ice cube on a warm day - a slow but steady rotting away of wealth.

IMO, preservation of capital should be the ruling theme.

[RabidBartender]

Ooooh - so close.