Chuck Prince "retires" - C announces more write offs due to "subprime" . They say they held $50 billion of that paper at the end of Q3. The write off is around $11 billion. The stock is up about .67 in European trading.
Futures are down as of now [6 AM EST]. Hong Kong got smashed.
Oil is down a bit as is gold.
Nothing much in the news about the "real" economy. Friday's jobs number was quite good. Recent PCE inflation numbers are good. So the moderate growth trajectory seems to be continuing.
New England defeated the Indianapolis Colts in an exciting football game yesterday. I watched that game and part of the San Diego-Minnesota game. These fast, agile running backs are really exciting. Football has missed those for a few years in my memory. But I admit I'm not a heavy viewer.
I set up a Las Vegas trip for mid December. And I have to travel to NYC Wednesday noon thru Friday noon. I've asked a person to guest blog on Thursday and Friday. We'll see.
Sky is really amazingly good in sheep herding for a 10 month old puppy. He's now herding 10 big sheep in a big field - no nearby fence. He loves it and and does remarkably well, according to the instructor. Perhaps he's the best he's seen at this age. So I think that sheep herding will be a regular sport with us. Sky will probably be ready for trials next summer.
PS: C is trading down in Europe now.
PPS: It's darkest before the dawn. I'll probably hide in my bunker today - expecting shelling.
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Hmmm C has 5 bilion shares. $11 billion after tax is about 6 billion (FED and NY). So that's about $1.20/share. I don't see the big deal. The stock is down $10. Way overblown.
Bunkerman...dip buyers hiding in big cap tech...are those real sellers in everything else? the action below the top teir is punk at best...what will it take to get us going the next few weeks...thinging of buying some MO and KO around their 20 sma.
bunkerman why not buy some GS in the financial sector?
I think only big fins have the real sellers. The rest is noise.
I just don't like GS, mfl59. It's a trading operation and the assets walk out the door every day. Obviously my bias has missed a good stock, though.
time will cure this, as the real defaults / recoveries on subprime get better understood. Then the fear will be rationalized.
GS really just a beefer in disguise...and we know how you feel about beefers...
lol, correct mfl. beef goes to my freezer, not my portfolio. :-)
Bunkerman...what are those SPY tea leafs looking like...this week seems important...are we going to test 1440 before we regain some firm footing?
I don't think so. This is about burned out, in my humble opinion.
Having lived thru big home price pullbacks, I have a hard time understanding all this negativism.
So much is so good.
Oh well, mern & mav warned me. :-(
Holding all shares.
Lol, I have a death's grip on my BAC and C and WB.
this is week 4 of this third wave of subprime bearish fear-mania. I would this almost everyone wanting to sell due to that stuff is about gone.
using the word death in the same sentence with a list of fins you own is like spitting in the eye of the trading gods :)....GOLD MIST ETA?
no ETA update - I expect end of week.
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