by 3.25% in an effort to ease the credit crisis in America. Yes, they did it on a Sunday. Maybe they are expecting results come Monday trading?
In other news, JP Morgan Chase and Co. has moved to acquire Bear Stearns Companies, Inc. at $2 per share. A week ago, BSC was valued at around $70 per share before it closed at $30 on Friday.
Despite and because of these developments, Asian stocks close low, Asian currencies take a plunge lead by the Korean Won at a 27-month low.
The PSEi has broken down the 2800 psychological support line and closed at a value of 2793.68.
It is now in territories it has not re-visited since November of 2006.
There is no clear bottom at this point unless we follow what the double top pattern tells us. 2146 to 2246? :)
I am hoping for a rally, though. Suffice it to say, I have sold all positions and am now 100 percent liquid.
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