The real issue today is the closing of Prudential’s Equity research and Trading divisions, for those on Wall Street living in denial its further proof of the continued Bear market in US Equities, which this blogger has for previous stated reasons thinks is about to end.
Denial has been the main theme on Wall Street since the 2000 sell off and a failure of this magnitude on Wall Street is feeding the fire that the recovery in US markets is not here just yet .Yes it appears we are still “screwed” as I used to say. This debacle adds short term pressure to this market and further fuels the fire that Prudential’s purchase of Bache Securities was about the worst investment ever made by a financial institution in modern history.
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