JunkDEX Falls 11% in First Two Hours of Trading
I was not expecting to talk about the JunkDEX for the third day in a row, but since I have received several requests, I will run with this theme for another day.
Today the JunkDEX is showing an acceleration of yesterday’s 7.2% move downward. As of 11:30 ET, the JunkDEX is down a little more than 11%, with American International Group (AIG), Fannie Mae (FNM) and CIT Group (CIT) all down about 15% each.
Based on the large trading volumes, Sunday’s call of an impending blow-off top is looking as if it may be coming to fruition.
For some related posts on junk financials and the JunkDEX, try:
[Disclosure: short AIG at time of writing]
7 comments:
Hail JunkDEX!
Good going, Bill.
Thanks, David. Always good to hear from you :)
Keep up the good work on your end,
-Bill
JunkDEX closed down 16.1% today, the biggest drop since April 20th, when the SPX fell 4.3%.
Great post, Bill,
In fact it helped me stay in the swing (short) trade in XLF initiated last Friday. Only I did exit a bit earlier then EOD :( today, thus left some money on the table.
Keep going your blog still rocks!
Cheers,
Dez
P.S. The 9/9/2009 date seems like a Nostradamus call though :) We'll see...
This is sixteen different kinds of awesome, one of which is being hilarious.
Too many people are expecting September to be a bad month for stocks so the market may surprise us by making September a good month for stocks.
Remember: this market is full of surprises.
Be careful.
Thanks Dez and Dave. I appreciate the comments.
I am also glad to hear that invariably the posts that I have the most fun with -- usually because they weave the threads of serious and silly around the same idea -- are often the ones that have the best reception.
Cheers,
-Bill
Post a Comment