Bank Of America, Citigroup & HartFord Crisis

Posted by Kris | Friday, February 20, 2009 | | 0 comments »

These 3 companies are taking the brunt of today's beating. The financial are the usual suspects even though DJIA is just -50 to -60 points.

Citigroup: 2.59, BAC=4.00, HIG=8.33

HIG is losing like 16% of its opening price. The problem : HIG is suspected to be cooking up its books.

Seems that financial scandals are blowing up in huge proportions. THIS IS NOT HELPING THE MARKETs!

Tech stocks don't look either, as a matter of fact Nasdaq was the one who seemly withold the floodgate of downhill selling when Wall Street opened. When Nasdaq turns RED, i can see that alot of stocks starts to weakened alot.

I believed that in this type of financial turmoil, TECH stocks are not to be used as a indicator of a market bottom. There alot of bull trap generated by TECH stocks namely consumer electronics like MOT, APPL , INTC, etc.

Related links showing fake/weak rallies carried out by TECH stocks.

Anime Pic: DEATH NOTE.. Similar to Death To Wall Street