wednesday bloody wednesday

situation today - BNB down 6.1%

Well, I don't know what the market was thinking yesterday, but it would have been prudent to wait until this morning to find out how bad the carnage would be. Everyone was aware it was only going to be bad news, in fact the gurus were pretty adamant it was going to be bad, but what strikes me is why it didn't hold everyone back. The ASX claw its way up .22%

Now Citigroup writes off 24Bil. I think this is a bit conservative to say the least, but thats what they've reported. Expect their next round of reporting to report the extra writeoff that they were legally allowed to rollover on top of any new defaults that didn't make the cutoff.

The foreign soverign funds have the potential to save us, but even they are being vetoed by their govt as a few earlier bailouts have lost almost half their paper value so far. So that would suggest they think the current sluggishness will continue for a while longer.

BNBs fall today looks quite excessive prima facie. However, in the context of the last few trading days, the falls don't look that excessive and is just following the trend line as per usual. Are we there yet? I think we are not even close, but I am now eager to extract myself from some of my other underperforming stocks to add to the capital I will use when the bargains presents itself, coz obviously, they'd be better off in a bank earning 6%.