-->Here's the next question, and it's a biggie. Has the market discounted the worst of the housing slump? Below you see a daily chart of the nation's largest home builder, Hovnanian. The chart is a textbook picture of bear market distribution, as support level after support level is torn apart.

From its high of 73.40 in July of 2005, HOV hit a low of 13.02 yesterday, for a total loss of 82%. The great bear market of 1929-32 took the Dow down for a loss of 89%, so the losses in the two are comparable. And I ask myself"What is the meaning of the 82% loss in the nation's largest homebuilder?" My answer -- housing is in for a very hard time ahead. The worst is yet to come. And the bear market in housing is going to take time, probably a lot of time.

(Richard Russell)

ein Spiegelbild des spanischen Unternehmens ASTROC von Enrique Banuelos.
welcher vor 15 Monaten mit Astroc an die Börse ging, nachher verelffachung und
jetzt bankrott: 'Immo Espana' oder? Hasta la Vista...............

Die Geldvernichtung hat vor Jahren begonnen, jetzt wird dies auch an der
Börse quittiert.

Emerald.