Slight losses in the market averages masked more serious deterioration in a number of individual stocks. While the homebuilders continue to defy gravity (no surprise there), a chain reaction of blowups in the subprime mortgage arena is starting to have an effect on mortgage bankers. A number of them are tanking, such as the widely discussed NFI (see Russ Winter’s blog), NDE, and even big caps like WM. Our bellwether, CFC is chilling rapidly, having broken the trendline I discussed in a recent podcast, and Fannie is even leaking a little. A number of tech leaders like INTC, CSCO, and now AAPL, are being taken to the woodshed.Click here to download complete report in pdf format (Professional Edition Subscribers).
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