friday, dippity dip dip day

"PRR... PRR watch out belooowwww...."

So those tanking Yanks had to send Uncle Benny one more notice before Jackson Hole: "Cough up some more easing, or the stock market gets a belly full of lead..."

...ain't Wall Street's fun loving schizophrenic sociopaths just SO cute!

Anyhoos, something has been niggling me since the supposed DNDN issue routed PRR's sp - and after reading dgoransson's post again last night, I've come to the view the whole DNDN shoe-drop was just one big fake-out launched on PRR holders.

Just sit back and think about it - the plunge was so huge and basement bound, it could have only been instigated by a market maker, syndicate, investment bank.. someone with a large enough holding to get momentum selling underway - throw the rumour out in the market that "it's because of DNDN" and the rest is history... Ma and Pa see the dropping SP so join in the run for the exits - other folks' stop-losses get hit on the way down, and and and... just when you think it can't get any worse, there we find plenty of large money standing at the bottom ready to scoop-up all those falling off the good ship PRR...

I mean, when Coles reports bad earnings not reaching estimates, does everyone go and sell their Woolworths shares?

Nope.

Yeah, PRR shareholders basically got attacked and routed in my opinion, and very successfully so - I'm sure there are more than of couple of individuals who earnt this year's bonus after that little raid...

As for today -- the pressure will be on PRR like it will be on the rest of the Oz market, because of those Wallys on Wall Street sending a final ransom note to Uncle Ben.

Overnight wrap:

DAX: -1.71% FTSE100: -1.44% DOW: -1.51% S&P: -1.56%
NASDAQ: -1.95% --- and US has now recorded 17 quarters of house price deflation, another key reason for the US Fed to step in --- and the cherry to top the night off... France/Spain/Greece/Italy will all be extending the ban on shorting financials -- and oh,.. the Bank of America needed Warren Buffet to bail it out to the tune of US$5B, because no one else would lend to it...

Not a rosey picture...

PRR management, love them or hate them, really need to throw some supports under our little minnow with some very high end announcements as soon as possible...

good luck