CME SP500 DOWN 8pt After hours, why ?

Quote from Digs:

Why is the globex CME Sp500 falling, another hedge fund die, housing finally sinking in ???
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BSC Bear Stearns: Two Bear Funds nearly worthless Investors told-- WSJ (139.91 -0.40)

The WSJ report sthat, weeks after the meltdown of two prominent Bear Stearns Cos. hedge funds that bet heavily on the market for risky home loans, the brokerage has told the funds' investors that the portfolios' assets are almost worthless, according to people familiar with the matter. The assets in Bear's more-levered fund, the High-Grade Structured Credit Strategies Enhanced Leverage Fund, are worth virtually nothing, according to people familiar with the matter. The assets in the larger, less-levered fund are worth roughly 9% of the value since the end of April, these people said. The April valuations were not immediately available, but in March, before their sharp losses, the enhanced leverage fund had $638 million in investor money, while the other fund had $925 million. The WSJ is reporting that sources said Bear disclosed this information to investors earlier today and is expected to make a statement this evening. A spokeswoman for Bear did not return calls for comment... stock is trading at $136.02 in after hours.

BSC Bear Stearns: Moody's puts BSC Alt-A trust and bonds review for possible downgrade; says Alt-A deliquencies higher than anticipated-- BBerg -Update-

and stinky earnings from yhoo and intc ..

on that note ..market will rally 150 points tomorrow , lol ....
 
Quote from sobemark:

The WSJ reports that, weeks after the meltdown of two prominent Bear Stearns Cos. hedge funds that bet heavily on the market for risky home loans, the brokerage has told the funds' investors that the portfolios' assets are almost worthless, according to people familiar with the matter.
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Hey, almost nothing is not the same as nothing. A unit from the funds' inventory:

new-york-homeless.jpg
 
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