Alan Brochstein

Thursday Was a Huge Day for This Market

I agree - LEH could be wiped out. The bigger issue is that the financial system won't. That is what interest me. As far as catching a "falling knife", if you check out my holdings, you will see that is far from the case (click through from my website). With respect to XLF, while some of its components are indeed falling knives, the index itself made a clear bottom in March. While I may be wrong, I view this as a correction from the lows to the peak above 28. I see support around 23.5-23.75 - I hope it holds. That level was the low area before BS imploded and we saw a quick drop to as low as 22.29. I agree 100% that times are extremely tough for many of the companies that comprise the index - my argument is what's priced in. What wasn't priced in today, in my opinion, is the SEC probe of AIG. Anyway, thanks all for your comments.