Merrill gave a sell signal on Countrywide today which comes only after a decline of 46% off of the January highs. They had a sell stop a zero but decided to move it up. Not funny to those holding Countrywide but evidence of some great minds at work in the big brokerage firms. Together with the daily televised market pimps they provide a market analysis as useful as late night infomercials. They come at the markets from the transaction side not the trade side and occasionally have a trader on who might know something.
Some bargain plays are being made today on breaks but bigger commitments seem scarce.
