closest to pin at close 21-10-09, page-63

S&P 500 also dropped and it has more than 30

S&P 500 INDEX,RTH 1,081.40 (0.89%)

The market had their finger on the sell button for the past few weeks, as each day passes the pressure on that button increases. Then all it takes is one nudge to start an avalanche.

Hopefully in a couple days sideline money comes into that the support levels.

The only thing i think that smells about the broker influence, is that the downgrade should have come before market not in the last hour when the market was green. I wonder if connected shorts were opened before the downgrade?


Dick Bove's Awful Track Record
Joe Weisenthal|Apr. 7, 2009, 1:31 PM

So Dick Bove thinks Bank of America (BAC) could rise 800% and return to its all-time highs. His call is particularly noteworthy since a) it's an extreme outlier and b) Bove once wrote some reports that were negative on the banks.

But Bove is no guru or brilliant bank stock prognosticator. In fact, if you'd listened to Bove over the last couple years, you'd have lost money.

Karl Denninger at Market Ticker breaks down his past calls:

Here is what Dick Bove said a year ago:

"This is a generational opportunity to buy (bank stocks) on the cheap."

It was, huh?

In addition:

In fact, on the phone with me, he admitted that he expects a "mild to moderate" recession - remember that while I (and many others) believe we are in one right now, you can't call a recession until you are deep into the middle of it, and often they are not officially called until they are over!

Mild to moderate recession eh?

On March 18th of 2008, about a month from the end of a bear market rally that Mr. Bove called a "generational buying opportunity", BAC closed at $38.93.

As we noted earlier, even his (in)famous report, which got him into a legal mess, was relatively mild, citing only a small handful of banks that actually had to worry.

One problem is that you have all these bank analysts -- Whitney, Mike Mayo, Bove, etc. -- and they're all on their own, hoping to turn their star power into big fortune. But it's tough out there, and they're all tripping over each other to bang the drum the loudest and make the biggest headlines.

It's entertaining, but not neceessarily the best way for the rest of us to pick stocks.


http://www.businessinsider.com/dick-boves-poor-track-record-2009-4