Added: Jul 18, 2008
From: ThomsonFinancial
Duration: 1:32
Squawkbox market analysis with Danielle Morellino from Thomson Reuters Transcript: Welcome to the Thomson Squawk Box On the Radar Report. I'm Danielle Morellino. Calling a bottom in the financials has been a fools game. The market continues to destroy the bottom-pickers. Yet two signs early this week, in addition to our many proprietary indicators, gave us reason to at least start looking for one: Prudent Bear manager David Tice is selling out, and the UltraShort fund may be blowing off. Federated Investors announced this week that it will purchase the assets of David Tice that relate to the management of the $1.2 billion Prudent Bear Fund and the $507 million Prudent Global Income Fund. Tice will also join Federated as a chief portfolio strategist. Tice is one of the well known Perma-Bears on Wall Street, and has been receiving large amounts of press coverage recently regarding his outlook. The fact that he was selling out made us think he was doing so at the height of his popularity, similar to the way Golden West Financial sold out to Wachovia at the brink of the housing bubble, and Blackstone become public at the height of the private equity bubble. Meanwhile, the trading action in the Pro Shares UltraShort Financials had been so bullish, it was bearish. The fund showed a blow-off top pattern, and began to retreat from an all-time high. Will this be a more meaningful move for financials? Go to Thomson Squawk Box Dot Com for more. For today's On the Radar Report, I'm Danielle Morellino.
Channel: News
Tags: analysis danielle financial market morellino on radar reuters squawkbox tf the thomson
Rating: 3.75 (4 ratings) Views: 460' favoriteCount='1 Comments: 1
whitekid3 Says:
Jul 29, 2008 - david tice prudent bear fund sucked for over 10 years.. it was until the last couple of years that his fund made some real money when the rest of the stock market has gone down the toilet... this guys is all about propaganda and scaring his clients into investing in his fund... he sold his bullshit fund because he knows that the market will eventually go up again and his fund will sink like the titanic soon.