As volume dries out after recent swings and market action …
and Q3 end means, that LESS market participants really trade …
Rumour mill at its best …
Today … apart from the hourly “new input” from the bailout package …
We had the following rumours doing the rounds …
- HSBC will buy UBS and sell its investment banking […]

UBS said today morning, that they need no fresh capital … and this was seen positive
Sometimes I can’t believe it … Remember … the UBS capital increase was only weeks old
Then Goldman put out a study on European Banks … telling (at least part of) the truth.
They need more MONEY … up […]

No, I’m not talking about RECORD falls in house prices …
Yesterday, S&P downgraded a huge bunch of so called Alt-A MORTGAGE- backed securities …
NEW YORK (Standard & Poor’s) May 28, 2008–Standard & Poor’s Ratings Services today lowered its ratings on 1,326 classes of U.S. residential mortgage-backed securities (RMBS) certificates issued in the first […]

Let’s see, whether we face our “usual bump” during the last tradingdays of the month and the first trading days of the new month
It will be interesting, whether they, the PPT, make it bounce once more …
Fundamental news … ALL NEGATIVE!!!
-Consumer confidence … PLUNGING … 16-year-low
-Inflation pressure rising … despite Oil coming back […]

Not only me
After technical targets were reached, selling set in … WHO?
YES The ones who “know” … PPT was rumoured to sell the rally, using demand from underinvested HF’s …
Funny … but true …
Now they hide it behind the Goldman OIL story and the UBS statement, that MONOLINE WRITE OFFS MIGHT […]

Or … in other words … much money … no brain
The facts … of today only …
-UBS … dissappointing figures … even after very weak expectations …
says … MORE WRITE OFFS … sees MONOLINE induced ones … AUTSCH
-FNM … worse than expected … but positive talk despite their view, housing market will […]

Markets jumped out of the gates … Q2 … and more important … a new Japanese financial year …
A weak Tankan report gave the security of low rates …
So carry trades were put on …
Yen lost more than 2% today … and equities were the winners …
Trigger … bad UBS numbers … another 19 […]

And again the market plays the card of hope …
After Q1 is booked … and with it some losses …
Everybody is bullish and confident again (unbelievable!)
Still there is NO VISIBILITY at all, how long and deep the recession might be …
NO CHANGES so far in the housing market or at the credit front …
BUT … […]