Tuesday, September 1, 2009

Zombie Financials

"Then there's the dominant source of trading volume, financial stocks. And not just any financial stocks, but five former giants that paved the way into last fall's bearish tsunami, Citigroup, AIG, CIT, Fannie Mae and Freddie Mac. These five stocks accounted for 30% of NYSE volume on August 21. The stocks are sometimes referred to as the zombie financials because they are bankrupt or nearly bankrupt enterprises that have, to varying degrees, become wards of the U.S. government."
Elliott Wave Theorist - August 27, 2009

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