Up 11% from 14.
52 wk high=73.48
True, 11%/day times a couple hundred trading days is a hefty profit in a year. But I think one won't get it from MBI.
yitbos
MBIA was up 11% today. Ambac was up 7%. Pulte Homes was up 20%. Fannie and Freddie were up 8%.
"Gridley, re-hang the lifeboats, we aren't all going to die after all."
Just flip the chart - a rebound on the downslope is the opposite of a retraction on the upslope of the curve. If you are positive we are at bottom, by all means buy the idea we are going back up...
Me I am sitting it out till the trend becomes clear
This is just the result of speculation. Nothing in these companies outlook improved that much from yesterday. Bond insurance will continue into the future, but the new business will come from new insurance companies, with AAA ratings, and without the baggage of the mortgage backed instruments.
MBIA was up 11% today. Ambac was up 7%. Pulte Homes was up 20%. Fannie and Freddie were up 8%.My daughter sells real estate here in California. Last Sunday she showed 14 properties and wrote 2 offers.
Locally, car dealers are expanding, a new (huge) Car Maxx is almost ready to open. The local shopping mall expansion is beginning and another new shopping center is getting ready to break ground.
Up 11% from 14.
52 wk high=73.48
True, 11%/day times a couple hundred trading days is a hefty profit in a year. But I think one won't get it from MBI.
yitbos
” Fannie and Freddie were up 8%.”
They should be. We are working 18 hour days putting new mortgage applications in our system.
It’s going to be a heck of a February and March at least.
If I’d been short on these guys, I probably would have covered this week after the Fed’s move too.
Someone is ferociously short MBI. A little profit-taking on the short could have done that pop easy.
The way the CEO of MBI conducted himself on the conference call does not inspire confidence. Reminds me of the OSTK CEO.
The first and last days of the month are very often contratrend. We will see what the jobs report does tommorrow and where the market is say next Tuesday. I trade the market every day and am out of it every night. It is a good sign that financials which led the market down have appeared to bottom. But just financials and retailers will not lead this market back to where it was. At this point I am still tending to pick my spots shorting strength, although I am not shorting strength in the financials and actually longing them a little on intraday weakness.
I'm not going anywhere. Short of dying, I'll be around when the prediction above comes true.
Fan and Fred have for years made a joke out of the notion of 'sound lending' and 'prudent banking'. And, just as (almost) everyone who believe they are smarter than markets, and operating with a continuous, if false-to-fact, gov't propping-up, they believe their game will go on forever, undisturbed.
Morons.