Market wanted to party today, couldn’t
Bob Morris @ Sep 2nd 2008 21:34 - Category: Credit crisis
Even with good news, a big rally fizzled and the DOW ended down 25. Which seems odd, except a major commodities hedge fund blew up and, you guessed, beleaguered Lehman Brothers owns 20% of it. Just what they needed while trying to do a desperation sale of some or all of themselves before they have to report earnings in two weeks.
Andy at the Yellow Brick Road opines.
And Lehman is damaged, at the worst possible moment. No, I don’t think Lehman will go belly up, but the market will. I think the next bear market leg will start very soon, maybe even this week.
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