Reported on CNBC but no details as of yet. I will post them when I can find some.
Update - 1:17
CIT soars on report of financing talks with banks - from MarketWatch
SAN FRANCISCO (MarketWatch) -- CIT Group Inc. (CIT 0.90, +0.49, +119.51%) shares soared during Friday afternoon trading after Reuters reported that the troubled lender is in talks with J.P. Morgan Chase (JPM 36.61, +0.48, +1.32%) and Goldman Sachs (GS 156.09, -0.75, -0.48%) for short-term financing of $2 billion to $3 billion. CIT shares jumped 40 cents to 81 cents in afternoon action on Friday. A CIT spokesman didn't immediately respond to a phone call and email seeking comment.
Good, taxpayers have done enough of the bailouts, JPM and GS have plenty of our money.
Showing posts with label JPM. Show all posts
Showing posts with label JPM. Show all posts
Friday, July 17, 2009
Thursday, July 16, 2009
Now Roubini sees green shoots - who got to him? - plus other reading material - 2:50
I have always read Roubini, and thought he told it like it was. As time went on, we find out he had some sort of deal with Larry Summers. About the time we found that out, he changed his tune. I'm not ready to call him a trader, but close.
U.S. Stocks Rise as Roubini Predicts Recession to End This Year - Bloomberg
****Let me just add, CNBC is now talking about how Roubini moved the market. Roubini has been absent from CNBC for quite some time. Why? Because he might not talk about green shoots. Lately they have been mocking and laughing at him. Now, they are touting his latest prognostication. CNBC, your pathetic, and getting worse by the day. This helps prove you are not a business channel, but a comedy of liars.
But just now from Reuters - U.S. may need another fiscal stimulus: Roubini
CIT Group’s Bondholders Said to Discuss Debt Swap - Bloomberg
Nokia posts 66% drop in second-quarter profit - Sony Ericsson swings to a loss as sales plunge 40% - MarketWatch
Cisco cutting up to 700 employees at headquarters - MarketWatch
Key U.S. factory index slips, jobless claims tumble - Reuters
Here's the original call by CNBC - before that gets full too.
Monday, July 13, 2009
Meredith Whitney ups Goldman Sachs - 8:55AM
Wow! Meredith Whitney on CNBC jammed the banking system up, especially Goldman Sachs, Bank of America and JP Morgan. Did she go over to the dark side, or did she find out having her own firm made her find out you only give bullish ratings:
From Bloomberg:
U.S. Stock-Index Futures Climb; Goldman Sachs Gains on Upgrade
By Roger Neill
July 13 (Bloomberg) -- U.S. stock index futures advanced as Goldman Sachs Group Inc. gained in early trading in New York after Meredith Whitney Advisory Group LLC recommended buying the shares before the bank reports earnings tomorrow.
Standard & Poor’s 500 Index futures expiring in September climbed 0.3 percent to 877.20 at 8:20 a.m. in New York, having lost as much as 1 percent earlier.
Saturday, July 11, 2009
Missed by .19 - quite impressive actually - The battle of Bulls & Bears - Update Saturday 1:00PM
In the charts below you will see a classic Head & Shoulders pattern on the S&P500 chart. The pattern has been developing since the beginning of May. You can see this on the following chart:
The important thing to notice is the neckline, at the 878.94 level, established by the candle (low wick)on 5/15/09. This level is just a tad below the other neckline candle on 7/7/09. This low is a little higher at 879.93. This pattern is known as a reversal pattern. Since the March 6th low, or the March 9th closing low, the market has been on an uptrend, so a reversal would be signifying the market is turning and heading lower.
Much to the chagrin of the Government, who would like us to think everything is getting better, and the All Star cheerleaders on CNBC, who's on a mission to pump it higher for their parent company GE (and their buddies on Wall Street, especially the banks) this line represents the confirmation of the reversal. In other words, once this line is breached, and closes below this level, the Bears will come out of hibernation and short the market.
You can see the battle of the Bulls & Bears and how this line has been successfully defended (so far) by the Bulls with this chart. The numbers above the candles designate the closing:
In the last three days, notice how small the trading range has been? Also, the intraday range has broken this line, but the Bulls have successfully pushed it back above. This pattern was the hot topic on CNBC this week, or at least the last three days. It has been talked about on many blogs and trading sights as well. As usual, CNBC is a day late. But they did their homework, and went back far enough on a chart to call this "a possible" inverse head and shoulders, which means a reversal to the upside. Good grief!
Friday, they were talking to Steve "this market is going higher" Grasso about where the market is going. This was some time in the early afternoon. His answer was "if it closes above 880, this market is going higher next week." Really? Of course it might, and I assume he was talking about the neckline at 878.94, but I won't get too technical on him. As you can see by the chart above, this line has been quite the battle for the last three days. But as Bob Pisoni would say "the important thing is" the line was defended and the market is set to the upside.
Earnings season is upon us, with Alcoa the first DOW component to report this last week. Some of the large banks are due to report next week, including Goldman Sachs on Tuesday, followed by JP Morgan on Thursday. Friday is littered with Citigroup, Bank of America and GE, who trades like a bank. None of these companies are in very good shape, if you go by their recent stock performance (the ones that report on Friday).
In the grand plan of bullshitting the people, this market needs to be pumped up. With earnings expectations lowered to a level easy enough for a cave man to make them, I expect some companies (especially a bank or two, most likely GS) to report the "better than expected" earnings next week.
As long as this neckline is defended by the Bulls, the better than expected earnings by the banks will drive this market higher, along with the slobbering CNBC cheerleaders. We will hear "Green Shoots" galore and "the big money is getting off the sidelines, it's time to "buy, buy, buy" will be heard all day. Utopia has arrived in the stock market world. Dennis Kneale who declared the recession over last week (and got into it with the blogesphere for being the idiot that he is)will likely have wet pants while telling us "I told you so."
For this to happen, they needed to defend the neckline. Friday morning Goldman upgraded about every stock in the tech world, after someone upgraded the home builders on Thursday. Home builders? Give me a break. But if you look at the stocks on Thursday, the home builders, casinos and hotels all did very will, helping to drive the market higher. Along with a bunch of other obscure bullshit stocks that nobody has ever heard of. On Friday, along with the Goldman upgrades and a mid to late day surge, with a nice ramp at the end of the day they made their bogey, closing .19 above the neck. Well done! But really, who thinks home builders, casinos and hotels are a good buy?
But I digress. Here is the intraday from Friday's action on the S&P500.
We all know the housing mess is far from over, and the 800 pound gorilla in the room is Commercial Real Estate, both which can be bought with the ETF known as IYR. Take a look at the intraday chart of IYR on Friday:
Quite the battle at the end of the day is it not? Let me ask, who in their right mind would buy that much IYR after 3:30 on Friday going into a weekend? Actually, who would buy that crap to begin with? Seems either fishy or just plain dumb to me. There is plenty of pain to come in the world of real estate.
I will be watching this neckline very close (as I have been) and depending on what happens next week, will determine if I go long or short. The neckline is key.
Happy Trading
The important thing to notice is the neckline, at the 878.94 level, established by the candle (low wick)on 5/15/09. This level is just a tad below the other neckline candle on 7/7/09. This low is a little higher at 879.93. This pattern is known as a reversal pattern. Since the March 6th low, or the March 9th closing low, the market has been on an uptrend, so a reversal would be signifying the market is turning and heading lower.
Much to the chagrin of the Government, who would like us to think everything is getting better, and the All Star cheerleaders on CNBC, who's on a mission to pump it higher for their parent company GE (and their buddies on Wall Street, especially the banks) this line represents the confirmation of the reversal. In other words, once this line is breached, and closes below this level, the Bears will come out of hibernation and short the market.
You can see the battle of the Bulls & Bears and how this line has been successfully defended (so far) by the Bulls with this chart. The numbers above the candles designate the closing:
In the last three days, notice how small the trading range has been? Also, the intraday range has broken this line, but the Bulls have successfully pushed it back above. This pattern was the hot topic on CNBC this week, or at least the last three days. It has been talked about on many blogs and trading sights as well. As usual, CNBC is a day late. But they did their homework, and went back far enough on a chart to call this "a possible" inverse head and shoulders, which means a reversal to the upside. Good grief!
Friday, they were talking to Steve "this market is going higher" Grasso about where the market is going. This was some time in the early afternoon. His answer was "if it closes above 880, this market is going higher next week." Really? Of course it might, and I assume he was talking about the neckline at 878.94, but I won't get too technical on him. As you can see by the chart above, this line has been quite the battle for the last three days. But as Bob Pisoni would say "the important thing is" the line was defended and the market is set to the upside.
Earnings season is upon us, with Alcoa the first DOW component to report this last week. Some of the large banks are due to report next week, including Goldman Sachs on Tuesday, followed by JP Morgan on Thursday. Friday is littered with Citigroup, Bank of America and GE, who trades like a bank. None of these companies are in very good shape, if you go by their recent stock performance (the ones that report on Friday).
In the grand plan of bullshitting the people, this market needs to be pumped up. With earnings expectations lowered to a level easy enough for a cave man to make them, I expect some companies (especially a bank or two, most likely GS) to report the "better than expected" earnings next week.
As long as this neckline is defended by the Bulls, the better than expected earnings by the banks will drive this market higher, along with the slobbering CNBC cheerleaders. We will hear "Green Shoots" galore and "the big money is getting off the sidelines, it's time to "buy, buy, buy" will be heard all day. Utopia has arrived in the stock market world. Dennis Kneale who declared the recession over last week (and got into it with the blogesphere for being the idiot that he is)will likely have wet pants while telling us "I told you so."
For this to happen, they needed to defend the neckline. Friday morning Goldman upgraded about every stock in the tech world, after someone upgraded the home builders on Thursday. Home builders? Give me a break. But if you look at the stocks on Thursday, the home builders, casinos and hotels all did very will, helping to drive the market higher. Along with a bunch of other obscure bullshit stocks that nobody has ever heard of. On Friday, along with the Goldman upgrades and a mid to late day surge, with a nice ramp at the end of the day they made their bogey, closing .19 above the neck. Well done! But really, who thinks home builders, casinos and hotels are a good buy?
But I digress. Here is the intraday from Friday's action on the S&P500.
We all know the housing mess is far from over, and the 800 pound gorilla in the room is Commercial Real Estate, both which can be bought with the ETF known as IYR. Take a look at the intraday chart of IYR on Friday:
Quite the battle at the end of the day is it not? Let me ask, who in their right mind would buy that much IYR after 3:30 on Friday going into a weekend? Actually, who would buy that crap to begin with? Seems either fishy or just plain dumb to me. There is plenty of pain to come in the world of real estate.
I will be watching this neckline very close (as I have been) and depending on what happens next week, will determine if I go long or short. The neckline is key.
Happy Trading
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