***May 11, 2009 - May have started today!***
*Checks clear just in time for Bilderberg meeting in Greece, Bernanke speaks tonight, sleeps in his comfy confines, then prepares to catch a flight to be with fellow elitists and cotrollers... stay tuned...
***Market is not manipulated, it is TIMED!***
4:20 pm : Declining issues outnumbered advancers by 4-to-1 in the S&P 500 as profit-takers pressured stocks for the entire session. Financials felt the brunt of the selling effort, but strength in large-cap tech helped the Nasdaq outperform its counterparts.
There weren't any major earnings announcements or economic reports to act as positive catalysts for the stock market Monday. The dearth of data seemed to encourage a round of profit taking by participants who had watched stocks climb nearly 6% last week.
As has been the recent trend, financials were the best performers last week, which made them an easy target for sellers looking to lock in gains. In turn, the financial sector shed 6.8%, cutting into last week's 23% gain.
Diversified banks slipped 6.7% and regional banks dropped 8.5% after several companies announced plans to raise capital.
In a common equity offering, Wells Fargo (WFC 26.53, -1.65) announced it raised $8.6 billion, which is more than it originally set out to raise. The bank was told by regulators last week that it needs to come up with $13.7 billion in capital. Wells Fargo indicated future earnings will help plug the company's capital shortfall.
Meanwhile, Bank of America (BAC 12.94, -1.23) was told last week that it needs more Tier 1 capital, but the company didn't offer any immediate plans to satisfy the measure during a conference call today.
***
***THEY RAN UP THE BANKS TO THIS POINT SO THEY COULD SEE HOW HIGH THEY COULD PRICE THE OFFERINGS, ALL BAD NEWS COMES OUT ON SUNDAYS, REMEMBER THAT!***
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