First thing yesterday, when we first highlighted that CDS in mortgage fin names were blowing out, even as the moronic market was all giddy on JPM's earnings beat which was really a miss, we warned "be careful trading financial stocks: JPM's earnings were actually very bad, and so far only credit has figured it out. Equities, being traded now exclusively by Fed-frontrunning retards and virus-infested robots, are a little slow." Prophetically, the equity slowness has finally caught up with reality, and BofA and Wells stocks are tumbling. Alas, fins have much more to drop, especially if and when the RMBS and CMBS markets are gutted (incidentally that CMBX III-IV AJ is looking like a screaming short right here, right now). Below is that latest CDS fin rerack - it is a bloodbath.
- Bank of America Corp. 195.50 182.5 +13.00
- Citigroup Inc 176.50 165.5 +11.00
- Capital One Bank 86.50 80.3 +6.25
- Capital One Financial Corp. 114.50 107.5 +7.00
- JP Morgan Chase & Co. 97.50 90.5 +7.00
- Wells Fargo & Company 131.50 120.0 +11.50
- Ally Financial Inc. 447.50 390.0 +57.50
- Residential Capital, LLC 746.49 685.0 +61.49
- Goldman Sachs Group Inc 151.50 145.5 +6.00
and, last but not least,
- Block Financial LLC 557.50 522.5 +35.00
Good work Strat Session for catching up here.
h/t Credit Trader