Well, we had quite a volatile day as the Dow closed below the psychological 13,000 mark. Dow was down 218 points and closed at 12958. Items of note: Goldman Sachs downgraded Citigroup to a sell. Lowe’s lost 7.6% today on weak earnings.The National Association of Home Builders/Wells Fargo Index came in at 19 for the second straight month, this is the lowest since the record keeping began in 1985.Goldman Sachs forecasted that the current credit problems will result in $2 trillion of reduced bank lending for next year. I certainly hope that many of these reports are wrong, but I have heard from many sources that lending will be extremely tight if not non-existent for certain segments of the market. Most likely to be impacted are the $500k-1,000M housing segment. The yield on the two year n...
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