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Monday, April 20, 2009

Take a look at crude

Oil is at $47 and change, and that's about the best entry you are going to get in this pullback.

Hit oil, and the world will think the economy will go to heck in a handbasket; after all isn't that their script?

The banks are a different story-they look to finally get some rest.

Friday at the close, all the banks got hit with gigantic sell orders. BAC had a 15.6 million print at the close, 30 cents under the last print, along with every other bank.

BAC had "good" earnings but the street doesn't know how Merrill Lynch made the $3.7 billion, just like Goldman's $6.6 billion FICC number that came at the expense of the taxpayer, or Citi's $2.5 billion on CVA (credit value adjustments) mainly due to the widening of Citi's CDS spread.
http://www.dailyreckoning.com.au/citi-reports-469-billion-in-fixed-income-trading/2009/04/20/

So they hit em, because the market, and the quants and the financials need a rest.

Because there's no rest for the weary!

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