Subprime … round 2
NY Times has a story, that Merill Lynch will have to take Q4 write offs of around 15(!!!) bln $ … just double of expectations …
AXP takes surprisingly another charge and trades down close to 8% … showing, that subprime really spills over now.
As I mentioned yesterday, the BoA story is NOT positive at first sight. It looks more like desperation.
Fed now seems even more helpless as Bernanke only causes short lived rallies on short covering, but NO real buying.
Charts: DAX gave SELL signal yesterday, FESX and US markets still trying to avoid that. So today’s action could be decisive.
As I’m a bit ill, today no active participation in the markets … have a nice weekend!
Tags: Bernanke, BoA, charts, Merill Lynch, subprime
