Conviction sell???? Are you kidding me?
But MER traded down to 24.74, and closed at 26.73, and now in the afterhours it is trading up 3 points from the low.
Conviction sell? Put Goldman in the cellbox for this call along with their re-iteration call two days ago that oil would close out the year at $149!
Didn't they get the memo from Morgan Stanley that the FRE and FNM nationalization/salvage plan would be announced after the close? Heck even Bill Gross will now be a market cheerleader, now that Treasury Secretary Paulson balked at his threat that he was no longer interested in buying GSE paper!
Or do you think that somebody was just ferociously bidding for the financials all day, because they didn't feel any fear in the market? You don't feel fear when you know the outcome!
So go and buy the material, coal, and steel stocks right here. The hedge fund liquidation is over, and now it's time for these to rally.
Who do you think were buying these stocks? Those who had the orders!
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