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Dow Sinks 226 on Mortgage Market Worries
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[QUOTE]Originally posted by glassman: [QB] [QUOTE]Originally posted by The Bigfoot: [qb] two 200 point rallies in a row? Is that it...is the economy really that little of a factor? [/qb][/QUOTE]these are still "just frothiness" IMO... Citibank just paid 11% to get about 7.5 billion ($US) from Abu Dhabi... that's 2 points higher than junk bond rate... the "technical traders" are fully in charge of the market right now, and they have plenty of cash... do you know where they got it from? the Fed meets next week and lowers the overnight rate again? and their cash (US$) will be worth even less, so they'll have to do something else.. my take on the situation is that the market is doing it's best to avoid confronting the fundamentals for as long as possible... [/QB][/QUOTE]
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