When you see a deal of this size, obviously (Washington Mutual) is still acquirable, |
Why would you make a big bet before a meeting you've been waiting for since the end of June? |
With declines three days in a row, you know it must be earnings season, |
With the financials, that entire space has been tarnished by a confidence crisis. Also, on a more fundamental level rather than a psychological level, there's no investment banking business going on right now. The concerns remain about the banks' exposure to bankrupt telecoms WorldCom and Global Crossing, |
Yesterday was all about valuations and bargain hunting, ... It's not just about bargain hunting today. |
You can't have it both ways -- the economy can't be strong and have us worrying about revenue growth going forward, so it has to be the trend is slowing and how much that affects equity valuations going forward. |
You don't get a ton of people making huge bets ahead of the Fed meeting, ... There's little corporate news and no economic data, so I think you'll get some bargain hunters here. |