Have we seen the bottom of the FTSE?

[DiscoStu]

Is now (or probably Friday afternoon last week) the time to buy?

Thoughts from the congregation invited (and if Cybertory could keep from making his post a party political broadcast that would be most kind).

[swamp]

No.

There is a lot more DOOM to come in this soap opera.

I call the bottom of the FTSE around 3500, maybe lower.

[Moscow Mule]

Depends.

[sasguru]

Definitely not. The really bad news is yet to come.

[DS23]

yes

and

yes

[DiscoStu]

Originally Posted by sasguru

Definitely not. The really bad news is yet to come.

That being...?

[Moscow Mule]

Originally Posted by DiscoStu

That being...?

CDS unwinds for UK banks - depending on the wording of the contract.

UBS had $220Billion of Lehmans contracts, Christ only knows how much the whole shebang is worth.

[sasguru]

Originally Posted by DiscoStu

That being...?

Our own home-grown defaults rising for both mortgage and other credit as more people become unemployed leading to a second sucker punch for the banks. Earnings growth for companies falling hugely in the recession. Etc.

[AlfredJPruffock]

Originally Posted by DiscoStu

That being...?

... The Derivative Death Star.

[sasguru]

Originally Posted by Moscow Mule

CDS unwinds for UK banks - depending on the wording of the contract.

UBS had $220Billion of Lehmans contracts, Christ only knows how much the whole shebang is worth.

+ WHS