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Our Bridge to Nowhere doesn’t actually drop off into infinity, it ends at Wall Street. And if the bailout plan just doesn’t work? We’re gonna need some more bridges. The avenues of failure are beginning to reveal themselves as the American financial system is backed even further into a corner. The topic cannot be ignored today and demands a certain level of respect. I’m even going to refrain from played out Canada jokes.
The reality of depression, recession and crash are within arms length. Wall Street is pulling back today as investors worry about the bailout plan as it receives more and more scrutiny from lawmakers. The NASDAQ is currently down 14.86. PredictWallStreet’s sentiment meter also reflects the worry investors are feeling overall as sentiment for the NASDAQ falls from bullish to bearish, along with SP500 and DJIA. It’s surprising how fast sentiment can fall on such news.
Forecasts today include a lot of UP forecasts, mixed with some DOWN. It’s always nice to see some green. Apple (AAPL), Bank of America (BAC), Google (GOOG) are among the companies forecasted to close up while Morgan Stanley (MS) and others are forecasted to close down. To see all of the forecasts click here.
Google is having a good beginning of the week as press releases buzz of the new Google mobile phone the Google G1. Cheaper than the iPhone and packing just as much punch, the Google phone is set to be released next month on T-Mobiles service. In my opinion, this is the first true competitor to the iPhone. After reading reviews, the G1 certainly cannot compare to Apples notorious sleek aesthetic, but its OS Android and open-source technology give it a good run for it’s money. Google is UP today. I just predicted UP for GOOG as I think the stock will ride out this good news for a few days. Sentiment was bearish at the beginning of the week but is moving back up. Google is always expensive, but nonetheless, in my opinion, a strong company and a good buy. If, you know, I like had that kind of money. I gave it to the government to save the world.
Morgan Stanley is down today, after converting from investment bank to bank holding. Looking at one month sentiment I can see that price and sentiment dropped drastically last week, then slowly started to recover and is now flat lining in the neutral zone. My guess would be investors are waiting for the Treasury’s next move to feel anything but “neutral” about this company. PredictWallStreet also just widened the sentiment graph so its now easier to overlay the quote and see the comparison.
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There’s no such thing as a bad prediction!
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