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Deleveraging Continues

As leveraged assets go down in value, the leverage multiples go up. Adding to that multiple is the falling dollar and the fact that these assets are in reality debt deposits, not cash deposits, that were passed on in different forms to be leveraged over and over.

-Minyan Jim

Toddo On TV: Keeping Score

Minyanville Staff Aug 20, 2008 4:17 pm


	Markets, movers and more.

Toddo's levels of lore for keeping score:

Merrill Lynch (MER) at $23 (recent issuance).
KBW Bank Index (BKX) at 60 (multi-year support).
S&P between 1260 and 1262 (the fourth highest lower since July).
Apple (AAPL) at $180 (a breakout, if and when).
Crude at $110 (near-term support).

Now watch this! Toddo's leering at the Market Volatility Index (VXO) at 22. Also, pharmaceuticals. He spoke about the Pharmaceutical Index (DRG) at 320 being a likely spot for the sector to take a rest. It rallied to 319 before backing off. Finally, Exxon-Mobil (XOM) as a nice and tight defined risk level for bears.


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Positions in MER, AAPL

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