Chart of the Day - For some perspective on the current stock market correction, today’s chart presents the current trend of the Nasdaq. Today’s chart illustrates that, since peaking in October 2007, the Nasdaq has traded within the confines of a downward sloping trend channel. - Chart of the Day   

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CAUTIOUS OPTIMISM & NAGGING PESSIMISM -  It’s probably too early to call a bottom in global equity markets, but the thought is tempting after looking at the past week and discovering that we’re still standing. Survival is always a confidence builder. -  The Capital Spectator

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Editorial - For the Fed’s Next Act … -  NY Times

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I Will Buy Investment Banks as They Buy the Democrats -  David Neubert - The Panelist

Three factors will keep the cash register ringing for investment banks:
1. Demographics of baby-boomers saving for retirement.
2. The cheaper dollar, meaning that foreign firms will be on a shopping spree for U.S. companies, which will help M&A advisory.
3. Mortgage portfolios that have been marked to market.  When liquidity retuns to this market, portfolios of mortgages will start to show profits.
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Look Out for That Lifeline - Debt-settlement firms are doing a booming business—and drawing the attention of prosecutors and regulators -  BusinessWeek

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What The New Lending Limits Mean For You - Forbes

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Recessions and the Duration of Bad News -  How do the economy and the market behave in an “average” recession? -  Hussman Funds

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BEAR STEARNS: Citic Securities Withdraws $120 Per Share Offer - Citic Securities, a part of Chinese state-owned company Citic Group, confirmed last week that it would discontinue its planned investment with Bear Stearns Companies Inc.  Citic Securities discarded its proposal to acquire $1 billion preferred securities… -  Troubled Company Reporter

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Rent Vs. Buy Myths That Ruined the Housing Market -  EfinanceDirectory

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U.S. Financial Crisis Is Over, Analyst Bove Says - The U.S. financial crisis is over and the decline in bank stocks offers a “once in a generation” buying opportunity for investors, according to Richard Bove, the analyst who advised selling financial shares eight months ago before they tumbled. -  Bloomberg

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Fed May Buy Mortgages Next, Treasury Investors Bet - Bloomberg

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Insurer Losses From Subprime Approach Katrina Claims - … The amount of asset writedowns and credit losses reported by the industry has reached at least $38 billion, just short of the $41.1 billion in claims from Katrina, … - Bloomberg
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Bank of America eyes $US6.5bn provision - Bank of America Corp may take a record $US6.5 billion provision in the first quarter to cover possible future losses in its home equity and mortgage portfolios, Bloomberg has quoted Punk Ziegel and Co. analyst Richard Bove as writing. -  BusinessSpectator.com 

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Ira Artman Section - thaks Ira -

Ailing U.S. Mortgage and Housing Markets Potentially to Get a Lift -    Global Insight

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Lehman veteran launches hedge fund -  Investment News

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NOURIEL ROUBINI -  Superbear says there’s more to come -  Investment News

posted by Bill Coppedge