Within 15 minutes of trade todayTCM had plunged at one point into the $16.00 range....now trying hard to stay above $17.00.....pathetic to say the least. This is a good example of what can happen now that the "uptick" ruling has been abolished..allowing brokerages to short in either direction....
Also ..what a tragedy that someone in "Smalltown" U.S.A. making $30K a year was able to buy a $600K home when the U.S. prime rate was around 1%.....now the prime is 5.50% and that special mortgage had a rider in it that calls for amortorization periods which are now subject to change....double the payments in many cases....don't blame the greedy hedge funds or banks.....blame Greenspan for raising the fed rate 17 times in a row over 2 years.....
Just frustrated the way the U.S. finacial woes and stupidity affect world markets the way they are today...