With earnings estimates imploding, companies trading for close to their cash value look like a smart bet.
Barron’s, 11/20/2008
I do not know which makes a man more conservative—to know nothing but the present, or nothing but the past. —John Maynard Keynes, The End of Laissez-faire (1926) Ch. 1
The 3 high profile earnings reports last night, NKE, ORCL and RIMM, all provided positive surprises and they are the main catalyst for the pre opening rally. Today is also quad witch expiration and the S&P quarterly rebalancing. China is taking another step forward in cooling their property mark set by requiring at least a 50% down payment on any purchases of land. This follows a tax on the sale of homes made within 5 yrs of purchase. Also, late yesterday Fitch said that Chinese bank's have off balance sheet transactions that are masking the true credit condition of their...
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