| Credit Crunch Contagion
So, short sellers beware. Past this however, and especially if holiday shopping numbers come in disappointing next week, I expect any strength in the stock market here to be quite fleeting, lasting into next week or so, and that's all. And although it could be quite violent in nature, much like the 40-point short covering rally in the S&P 500 (SPX) experienced last week to test the break of the 200-day moving average, what we should see here moving into the weekend is much the same, where I would be surprised to see prices get back above this resistance. This hypothesis is supported not only by the count and select internal readings on the broads now, but also increasing long-term trend line breaks in sector indices as well, where just last week the Retail Index ($GSPMS) has now joined the Bank Index ($BKX) in this regard.
Lawsuit by city targets lender
District Court, alleges that California-based Wells Fargo Bank sold higher-interest subprime mortgages to blacks more frequently than to whites and that the practice, known as reverse redlining, violates federal housing law.
Lenders are increasingly coming under legal attack from borrowers and investors stung by the subprime mortgage crisis, but Baltimore's lawsuit could be the first in the nation in which a city is attempting to recapture costs associated with foreclosed homes that wind up vacant.
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Super Farmer from Canada writes: The Skipper from Canada writes: Yes ...
The Edmonton marketplace has seen contractors hoard in foundations and board up half completed homes with plywood. The condo market is way overbuilt, henced overpriced and your seeing condos now being offered for rent. Your seeing cribbers and framers getting laid off and they are heading back east.
Yes, the 1980s are back again in Alberta ! Good ole 'Recession.' Posted 21/01/08 at 10:42 AM EST | Alert an Editor | Link to Comment .
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