Capitulation. I think investors are trying to figure out when does it come. How do you know . Abigail you feel the panic and fear. Highyield is selling off , credit selling off. We are seeing the haven bid. The other thing you would want is that capitulation bottom. Technically, we are nowhere close to the bottom, so we could see days and weeks of this kind of relentless selling, very reminiscent of 2008. Take a look at the Energy Sector, down more than 15 , its worst day ever going all the way back. That is the degree of the fear, the uncertainty and the selling of an on today. David you are a technical person. Give me an example of resistance on the s p. Abigail we are looking more at support, which means we want to see where the buyers are stepping up. You want to go to a weekly chart on todays open. We are well through the 100 week moving average, which means we will probably find support down. If we are lucky, that is at 2640 , but i would make a case for 3300. When you have bonds
a small fraction of that has been entered into evidence. we have sources who are allowed us access to unsealed material at their own professional power. in terms of your point that the feds let us see it, i would love to be able to respond to that directly but i can t limit the universe of potential sources out there for fear that i might outsource accidentally. let s just say that fishman was insistent that nobody under his authority would cooperate with us. fair enough. after maybe a dozen money laundering rabbi types, the case shifts into the political realm, starting with low-level operators and working upwards. how high does it get? it got all the way up to governor corzine s cabinet. but you re right, it started very low and that was because it basically was a chain. he had to go from person who knew the next person who knew the next person. he worked at this pretty feverishly? absolutely. everyday? not only everyday but what we
continues to make his name as a star ledger and most recently did this series on the steward commission which may not mean a lot to people down here but sure mental lot to chris christie because he went after it and sort of turned it upside down and 100 people foul out and haven t gotten back up yet which is what this book is somewhat about. it is about the downfall of a number of people who were not expecting to be taken down and many have gone to prison as a result of whose lives have been ruined. you all remember i am sure what triggered this book or the incident that this book is all about. the mass bust in july of 2009 of political figures mainly in northern new jersey and rabbis from portland, from the orthodox community. these two guys decided to write a book about that and i want to ask them why. why write a book about this case? because nobody understood what happened or why it happened and when it first happened in july of 2009. we were as close as anybody who was