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Asterisks Abound

Posted on July 21, 2008

A quick comment prior to running to a meeting:Last week's deeply oversold condition allowed Treasury and SEC to orchestrate what BIll King called the mother of all short covering rallies. That looks to continues this week. Earnings are coming in weak -- however, they are not as bad as the worst case scenarios. As we noted previous to the rally, we covered our shorts and are playing this for bounce. But beyond the bounce, we continue to have concerns. Asterisks abound in many of these earnings, from Wells Fargo to Wachovia to Bank of America. Why asterisks? Consider how this game is being playe...

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foreclosures , game