Sunday, July 15, 2007

Should I Even Bother To Write About ABX?

It's getting to be the same old thing - down, down, down. The single-A cracked below 80 on Friday. Right now, this doesn't matter to Wall Street and given that this is reflecting recent deterioration in subprime and Alt-A mortgage pools, bigger problems for the stock market from this may not show up until September pre-announcements. But it will encompass all the usual suspects: Downey (DSL), Countrywide (CFC), IndyMac (IMB), etc.

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