FINal(er) Countdown

Tyler Durden's picture

UPDATE: MS just traded $11.99 -3.77% on the Egan Jones downgrade news

Overnight saw credit markets crushed overseas in Australia and Asia,
Europe continue to sink into the abyss and now pre-market equities in
the US are showing serious weakness with no sign of a bounce. We already
discussed CDS this morning (which are all gapping wider and the curve
inverting/flattening further, and the Waffle train just keeps on coming,
now +35 at 303/313) but a quick look at pre-market stocks
shows the pain in the TBTFs:

  • BAC -2.7% at $5.38 (at 3/12/09 levels)
  • MS -2.2% at $12.2 (at 12/03/08 levels)
  • C -2.3% at $22.58 (at 3/16/09 levels)
  • GS -1.6% at $88.6 (at 3/11/09 levels)
  • JPM -2.1% at $28.05 (at 4/08/09 levels)
  • WFC -1.6% at $22.8 (just above recent lows)

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Ancona's picture

Sucks to be broke.

No, really. it does.

HelluvaEngineer's picture

I wish someone would dig up some skeletons on Wells.  I'd tired of this image that they're the "safe" bank right now. 

prophet's picture


Senate Assistant Majority Leader Richard Durbin [D-IL] responds hotly to Bank of America's

announced assessment of debt card fees, telling the bank's customers to

"vote with your feet and get the heck out of that bank."

Fips_OnTheSpot's picture

Change diapers before trading starts!

GeneMarchbanks's picture

Every. Single. One. Overvalued.

Cliff Claven Cheers's picture

Maybe BAC should do a 10 to 1 reverse split.

HelluvaEngineer's picture

I hope FAZ does a 2:1 split very soon.

bania's picture

Bath of America

Vincent Vega's picture

Bennie save us. Print, print, print! <sarc>

dwdollar's picture

Exactly what he wants everyone to say.

SheepDog-One's picture

I hope Buffet is getting crushed by the tank treads right now.

Johnny Lawrence's picture

Didn't the preferred stock he received in his BAC deal give him the right to redeem his shares for par at ANYTIME of his choosing?  If so, he's fine....unfortunately.

reader2010's picture

Warren Buffett is jerking off without success.

Bloodgroove's picture

This has got to be bullish.  Ima sell my gold and jump into equities with both feet!

junkyardjack's picture

This is bullish...for treasuries

Drag Racer's picture

smart move to get away from that risk filled metal not backed by anything.

Iriestx's picture

Short the ever-living shit out of everything that Cramer says is 'fine' or a buy and you'll be a millionarie in short order.

mayhem_korner's picture



PIIGS and Waffles for breakfast!

ivars's picture

it had to be, and it was expected by many that after QE2 stocks will tank. Zerohedge was one of the first to note it. Now they are doing it, e.g. compare to the chart I made in February 6th 2011:

What follows is relatively slow, but accelerated tanking till approx DJIA 7000 in March 2012. After that, a bump up, either in expecations of USD devaluation ( not to be materialized though), or just a normal reaction to oversell- post oversell ( inverse peak crach ) rebound. Than down again, and so on during 2012-2013 ( here is longer prediction chart, made in April 2011):

This one says DJIA will reach even 6000 briefly in early 2013.

I have even longer prediction up to 2014 which I have not published yet- it does not look much better, in general, still below 8000.

Chump's picture

You're disregarding the effects of roaming zombie hordes...

sabra1's picture

is BAC's online accounts running? up here in canada, we're just curious!

Drag Racer's picture

running on methane gas from all the bs...


seriously though I have no idea, I dropped all 'associated' banks 15 years ago

Diplodicus Rex's picture

Because this is not my industry I don't know where to get the info. Does anyone have a link to where I might find the CDS for Barclays? TIA

Silverhog's picture

WTF- 1000%  10/4/11 

Steel_Preacher's picture

The bank raised its 2012 forecast for gold 19% to $1,850 a troy ounce, while upping its 2011 outlook by 5% to $1,575/oz. It added that it expects investment demand to be "sufficiently large" to drive gold above $2,000/oz during the second half of 2012, with a high of around $2,200/oz looking "possible.


Spam and Swiss

Read more:
pufferfish's picture

Dr Tankinstein. The end of the week should be entertaining. iPhone 5 launch will last about an hour...

Cliff Claven Cheers's picture

Tuesday, Oct 04, 2011 08:37 AM

. . . . . . . . . . . . . . . . . . . . . . . . . 


  LUXEMBOURG (Dow Jones)--The International Monetary Fund must make a clear statement of its position on Greece if the troika working on the country's aid package gives a negative report, Austrian Finance Minister Maria Fekter said Tuesday. 

  Fekter also said a positive recommendation from the troika, which also includes the European Commission and the European Central Bank, was a prerequisite for the payment of the next tranche of Greece's bailout program. 

  Troika representatives are in Greece to verify whether the troubled Mediterranean country fulfils its austerity pledges and debt targets. 

  "If these [troika] reports were not to turn out positive, then we expect a clear statement by the IMF on whether it still is a part of the Greek project--yes or no," Fekter said after a meeting of European Union finance ministers. "If the IMF exits, then Austria can't pay the loans [to Greece] either." 

  Fekter also said that there still is no consensus among euro zone countries on whether the European Financial Stability Facility, the euro zone's bailout fund, should gain a banking license. 

  The Austrian finance minister said she isn't in favor of the EFSF buying too many sovereign bonds from troubled euro-zone countries, as she doesn't want the fund to turn into a bad bank that way. 

  -By Bernd Radowitz, Dow Jones Newswires; +49-160-9058-9080; 

  (END) Dow Jones Newswires

  October 04, 2011 08:36 ET (12:36 GMT)2011 Dow Jones & Company, Inc. 

prophet's picture

BAC website issues related to upgrading the UI and adding more flash function?

pauhana's picture

After reading Reggie's article, I'm surprised GS is down more.

bhakta's picture

How is Warren Buffet right now with all the shares of these big banks he owns?

Thought criminal's picture

Great time to buy low and sell lower.

Ned Zeppelin's picture

The hot rumor to turn this thing around and kill all the shorts is coming, count on it people.

Be careful out there. There are bulls and bears, but most of all there are wolves who hunt either as prey.

Benjamin Glutton's picture

let me say first that I am shocked at censorship practiced in some forums.


I have banked at BofA since they aquired Barnett Bank many years ago.


Yesterday I suggested the wife stop at the Bank and pull a little extra cash and upon arrival she was stunned by the scene at hand enough to call me saying she thought she was seeing a bank run in progress. Parking was overflowed into adjacent lots the ATM were down and four security guards were posted at door to keep order. The line moves quick enough but when she gets to the teller she is told that a $250 withdrawal limit is in place,no exceptions!After a brief exchange, during which the wife demanded a somewhat larger amount, the teller threatened to call security to remove her from this point everyone in line can hear their discussion and the wife pulls out her phone and dials 911 to report a theft in progress by BofA...the bank then relented allowing the exact amount she wanted to withdraw prompting cheers from the rest of the people in line...hilarious.


Instant Wealth's picture

If you see an old dude on Wall St. with a vendetta mask on, screaming "capitalism is murder" - don´t mind - it´s George Soros shorting the market.

Outlaw Of The Wasteland's picture

ricky ricardo, the pear shaped chink with broken teeth, lenin, and dirty david faber just went on a diatribe defending their propoganda efforts.

The entire staff of cnbc with the exception of the great santelli should be arrested and tried under the rico act.

Rynak's picture

A recent posting history of "outlaw of government sponsored shit":

Hitler was right.


he's a nation wrecking jew.  the bane of the world.


you're a jew.  you should have no say until we come to burn down your house and shoot your family.


you missed the typical scatalogical reference favored by khazarian "jews" such as yourself.


he's a fuckin jew


russian/pollack jew


Ironic comment seeing as how most inbred kikes look as if they were put together with spare parts.


you jew


not marching with michael moore, cornell west, and lawrence o'donnell.

I'll root for mass beatings and arrests of the unwashed amalgam of misfits demokratik party(blacks, jews, homos, communists, muslims, illegals, baby killers).

"What EXACTLY are you turds protesting"?

mumbles.  "ummmm.....capitalism, fascism, racism, know real communism has never been tried".

uh huh

Hitler was right all along.


Free speech for idiots, too.  Fixed it for you.


and you for your rabble rousing jew led marxist meeting?


For your verification - direct link to his track record:



loveyajimbo's picture

Wonder if Blankfein (and Dimon, scum bastards both) still have time to do "God's work"... or if they have relegated it to their defense attorneys...??

DavidJ's picture

an email from my parents after I warned them about BoA troubles:


Hi ****

thanks for the warning.  we will be taking the bulk of out BofA money
out tomorrow.

tell u more details over the phone.

Downtoolong's picture

I’m just waiting for a slew of highly paid analysts and market reporters to start popping up like mushrooms and tell us what a great buy the financial sector is now because it’s been oversold and undervalued. I wonder if it will be the same bunch of talking heads that told us the same thing last time?  

entropos's picture

Why is Citi leading the charge down today?  I thought it would be MS then BAC and a bunch of also rans. 

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