UPDATE - UBS

only just one week ago, you read subprime is going to get worse and fast. now look at ubs who just announced how bad it is hit by subprime.

also look carefully at this chart. the first double top neckline is at 55, it fell through and reached the 45 mark as predicted by this kind of chart type. however, look further, you will find it just didnt end there, it now has a multi-top chart and neckline at 50, this is getting worrisome. it did fall through the 50 line, the magnitude south is min 35 ie a fall of 30% more from here.

if you look at banks on their reporting, they didnt come honest with their exposures to SP. therefore i am almost 100% sure that

• HSBC will reach 110 target within the time frame i mentioned in the earlier update about it.
• the interest rate drop by fed will reach at least 1.5% by end08.
• oil will indeed fall back close to 80.