Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Mutt they can delay but not forever the piper will be paid soon and its going to be a whole lot of hurt coming......the worst is not yet over IMO there are so many bad news/housing/banking issues right now...Its insane to even think about it. I agree with you it would be nice if this were the start of a recovery, but it is not it is just all the players getting there last pop of cash at the expense of the little guy again...they will go away with thier $$$$ once the pain starts and come back for the the next round full intacted....
The amazing EOD crash coming up for the Markets??? Stay tuned!
No Vol and a rise...there ain't no big money in this market right now just suckers....Ahhh well have to ride this one out now....
GS breaking down...Markets slopin' back to RED Today IMO
JPM BAC APX right on track now lets see my $142 GS!!!!
Right or Wrong on the profit side these banks are worth nowhere near what they are trading at there is so much pain to come.....Really I would think short way before rise in this sector its all fluff and stories sad really...but the reality is coming....
Gonna put some DOORS on, the end my freind....little reality music for the markets
Yup the markets aren't going to look as fancy droppin' though.....
MS, GS, IMO - APX, JPM and BAC are next........
FINS blood is starting to flow...some will be down 10% today EOD IMO
GS $142 today...lets see it
GS looking great! Hehe
GS tommorow down? Vol low just hanging on....we'll see
US House Lawmakers To Subpoena Fed For BofA/Merrill Documents
16:08 EDT Tuesday, June 09, 2009
WASHINGTON -(Dow Jones)- U.S. House lawmakers on Tuesday said they would file a subpoena to compel the Federal Reserve to turn over internal notes and emails detailing the central bank's role in encouraging Bank of America Corp. (BAC) to complete its acquisition of Merrill Lynch & Co. (MER).
The House Committee on Oversight and Government Reform, chaired by Rep. Edolphus Towns, D-N.Y., has asked the Fed to turn over documents requested by the panel last week. The documents requested include emails to and from Chairman Ben Bernanke, as well as handwritten notes from meetings and conversations involving Bernanke, then Treasury Secretary Henry Paulson and Bank of America CEO Kenneth Lewis.
The request is being made ahead of a Thursday hearing in which Lewis is scheduled to appear before House lawmakers. Congressional investigators have been investigating the details of Bank of America's acquisition of Merrill Lynch, as well as the government's decision to give the company $20 billion in additional government aid in January.
Additionally, lawmakers have been examining testimony given by Lewis to New York Attorney General Andrew Cuomo in which he suggested top Fed and Treasury officials pressured him to complete the deal for Merrill Lynch despite ballooning losses at the securities firm.
-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com
DOW 8600's today....rolling the dice
GS going red, Fin's looking RED...Nice..finally some reality????
Mee too, just getting rediculous this house of cards!
GL
FINS are done IMO...The big drop will come soon they can't keep them propped up forever. The pain is well over due here the shares were sold the goal is achieved now the poor retail will be paying the price fpr getting sucked in....way over due...there is a whole lotta Pain coming to this Market in the next 60days...I'll hold, cause when it turns it will turn fast!
FAZ is on the FINS the FINS are even pretty much....think about it
Rising U.S. Business Bankruptcies Seen Causing Pain For Banks
15:42 EDT Friday, June 05, 2009
NEW YORK -(Dow Jones)- Danger is lurking for banks despite an economy that is inching towards improvement as U.S. business bankruptcies are expected to rise sharply well into next year.
Banks have so far suffered mostly from souring real-estate loans rather than from loans tied to large and mid-sized businesses. But Dan North, chief economist of Euler Hermes ACI, said he expects Chapter 7 bankruptcies to "ramp up."
"In a recession, even a business with a good management team can be wiped out because there is nothing to be put back together" through a restructuring under the Chapter 11 bankruptcy code, he said. That will drive up loan losses.
Credit insurer Euler Hermes predicts that U.S. bankruptcies will rise 45% this year from last, to 63,000 in an economy that the insurer is expecting to contract 3%. That jump is caused partly by banks tightening their underwriting standards, North said.
Credit rating agency DBRS Inc. said in a recent report, "Many U.S. companies are strapped for cash as consumer spending and business investment contracted resulting in a steep decline in revenue during the latter part of 2008 and into 2009. Combined with an inability to replace or renew bank lending facilities, many businesses are defaulting on their debt obligations."
That also means bankruptcies will continue to rise even when the recession is over, Euler Hermes' North said. Bankruptcies will taper off slightly next year but they will remain 40% above the already elevated levels of 2008, his firm predicts.
Banks will face political pressure, and perhaps from investors demanding to see returns from banks' high capital as the economy recovers next year, to lend more. But North said that those pressures will likely prove only an incremental positive to bankruptcy trends.
Bankers "want to get back to the business of making money" from lending, but only "at a manageable level or risk." Next year, bankers "will still be very aware of how severe the crisis was," North said.
The vast majority of bankruptcies were, and are expected to remain, personal bankruptcies. Still, while business bankruptcies last year were tied mainly to financial-services companies - 25 banks failed - and construction loans, some major industrial groups, such as paper, metal, and chemical, are now also struck by the recession.
How badly that will hurt the banking sector, particularly large regional banks and the nation's biggest banks that hold most of the commercial and industrial loans, is hard to gauge, because big businesses finance themselves through bonds and equity in addition to bank loans.
Still, losses in banks' commercial loan book have been ramping up - first slowly last year, and more pronounced in the first quarter, when commercial and industrial loan losses made up 1.8% of loans, according to data from the Federal Deposit Insurance Corp.
Overall, first-quarter loan losses were almost twice as high as a year earlier, the FDIC said. And, "The year-over-year rise in charge-offs was led by loans to commercial and industrial borrowers, where charge-offs increased by $ 4.2 billion."
DBRS wrote that business bankruptcies surpassed the peak levels of the previous cycle last year, and "there is little to suggest that business bankruptcies have reached their peak."
Stifel, Nicolaus & Co. analysts said in a research report that the rising business delinquencies trend "raises the question, is commercial the next subprime?"
Commercial and industrial, or C&I, loans totaled $1.4 trillion on March 31, almost 20% of total loans and leases among the 8,200 FDIC insured banks. According to the Federal Reserve's stress test for the 19 largest banks, C&I loan losses could total up to 4% over two years under its "baseline" economic scenario, and twice as much until its "more adverse" scenario.
Bank of America Corp. (BAC) is the nation's largest C&I lender, with a total of $241 billion in such loans on March 31. The loss ratio of Bank of America's C&I portfolio remained low at 0.46%, compared to 13.5% for small-business loans.
Wells Fargo & Co. (WFC), Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) follow Bank of America as the biggest commercial lenders; Comerica Inc. (CMA), M&T Bank Corp. (MTB), and Zions Bancorp (ZION) are among the large regional commercial lenders, according to SNL.
Looks like this might finally be the turning point, looking for Banks all to go RED EOD and stay that way all week....we'll see
the BIG RED candle starts soon on the dow and S$P
Nope maybe its just in Canada not a problem? Or because I trade alot they consider that a margin for the settle roll. I can't go over but I can trade whatever is in my account
Wow who do you trade with I don't have to wait for the settle day as soon as its sold I can use those funds to trade. To take the $$$ out yes I have to wait but not to trade
Well was hoping for a lack of Vol EOD they showed up...Tommorow more RED for markets green for FAZ IMO
I been watching the 15 min DOW all day and there is a good fight on to get it moving down. Watch the last 2 mins before the next 15 min bar...some big money wanting the down trend IMO
They are trying to pull the markets up watch the stall out and dive
180 Thurs and 240 Friday hows that????
Ohhh I think they be lush EOD there a sell off brewin' remeber the 100 point up friday (EOD)?? hehe...lets see the 100 more down today EOD
FINS are breaking down nicely now all -2 to -5% today IMO
Yup ...it breaks down IMO
nah its going back on the 15 min now head fake
HERE we go DOW - 215 today IMO
Reality started today...I am looking for a Feb 2 type DOW for the next month
Watch the DOW cliff...coming up!
BS that these Fin's are hangin' around right now even...IMO they are all down 2-5% EOD
I smell a cliff coming for the DOW.....30 mins???
Tommorow will look like Jan 5th....and then red for the summer IMO
This market is total BS the cards gotta fall soon dollar sinking like a rock no good news out there maybe the US manufacturing surrvey will take it down....
I might have to revise this...we'll see lower is better for me!