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When Common Sense Fails, Follow The Money – WSE Pro

The market continued its aimless meandering on Thursday. It had a perfect excuse to sell off on the news of massive writedowns from HSBC and a quarterly loss and restatement from NEW, but it didn’t. Common sense tells us that the meltdown in the subprime mortgage business will have serious repercussions, but markets aren’t about common sense. The yen carry trade game is still on, so the players will play. They aren’t looking for excuses to sell. They are looking for places to put their cash, and if one formerly hot sector looks lousy, they’ll move to another. Click here to download complete report in pdf format (Professional Edition Subscribers).

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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