No one buy financial stocks

9/23/08

After last 2 days huge short covering rebound, major stock indexes are back dropping more than half of those gains. With SEC's banning short sell rules on more than 800 stocks, I see no one has any desire to buy any stocks, especially financial stocks. The hearing of bailout plan today has no clear direction that Congress is going to pass this over coming weekend. Yes, Treasury may not need to use all $700 billion as Fed Chairman Ben said. However, I still do not see any good benefit that it helps our economy as well as each of us living in America. I also know if there is no action to rescue the financial system, the credit market is stuck and no company can ever borrow any money to run their business. Let all fail or bail out that both are no good to us. All in all, US is doomed anyway. They are trying to gamble this bailout would work and reduce the damage to broader economy. In fact, the damage has already been realized in some degree. Maybe, US Uncle Sam next to bailout each American personal credit card debt.
Technically, if tomorrow market fail to post strong rebound, it surely will see the lows of last Thursday.