Alert

We continue to watch Ambac and MBIA. For Ambac(ABK) it's 52 week low is 20.55. A break below that and by by. Similarly a break below 29.50 for MBIA(MBI) will send it tumbling. In the chart you can see that they are forming support around their 52 lows on badly oversold conditions. We will wait for a rally to short into these. The rally is likely to be short lived.

MBIA, Ambac Shares Sink On Concerns On Further Write-Down Fears

http://insurancenewsnet.com/article.asp?n=1&neID=20071120375.4_2e01008448493eea