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Financials Are Setting The Tone Today

Submitted by Tyler Durden on 11/14/2011 15:32 -0400

While we are used to the intrday cross-sector and cross-asset correlation in equity markets approaching 100%, today is NOT one of those days as we note financials significantly underperforming and divergent.

and no surprise, it's the majors that are underperforming - as they catch up to the weakness we highlighted in CDS markets last week:

Chart: Bloomberg

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Mon, 11/14/2011 - 15:34 | 1876472 HelluvaEngineer

but, but...Uncle Warren told me WFC is a great buy

Mon, 11/14/2011 - 15:51 | 1876554 homersimpson

I think he meant KFC considering it has more staying power than WFC..

Mon, 11/14/2011 - 16:04 | 1876614 hedgeless_horseman

Bank of America Forecasts S&P 500 at 1,350 in 2012 on Earnings

http://www.businessweek.com/news/2011-11-14/bank-of-america-forecasts-s-p-500-at-1-350-in-2012-on-earnings.html

lol

Mon, 11/14/2011 - 15:35 | 1876479 homersimpson

I love FAZ. Hopefully, FAZ shows me the same love throughout the week, not just for a few days.

Mon, 11/14/2011 - 15:42 | 1876508 slaughterer

I would never fall in love with FAZ. Its better when I have the mistess FAS to have a fling with every now and then and make FAZ jealous, as FAZ can be a very mean woman.

Mon, 11/14/2011 - 15:47 | 1876532 homersimpson

Ah - but I'd rather keep FAZ along for the long term only because FAS won't ever be able to put out as well as FAZ can during bad times. Besides - FAS has always burned me when I was seeking her comfort during bad times.

Mon, 11/14/2011 - 15:39 | 1876485 X.inf.capt

RAISE THE 'FREAK FLAG'

BITCHEZ!

Mon, 11/14/2011 - 15:41 | 1876494 SheepDog-One

Looks like some crabby bulls came thru the comment section here.

Mon, 11/14/2011 - 15:46 | 1876535 X.inf.capt

either that or a butt load of zombie trolls

Mon, 11/14/2011 - 15:53 | 1876570 HelluvaEngineer

That's the extent of Robo's involvement on down days.

Mon, 11/14/2011 - 16:09 | 1876656 slaughterer

Where did Robo go? (crickets)

Mon, 11/14/2011 - 15:40 | 1876499 Comay Mierda

when BAC gets in the $5's im pulling out the bottle of tequila in my desk and taking a shot

Mon, 11/14/2011 - 15:44 | 1876520 slaughterer

If BAC closes below $6 today you have to eat the worm, dude.

Mon, 11/14/2011 - 15:46 | 1876536 Comay Mierda

nah fuck that last time i did that i hallucinated and barfed for 2 days

Mon, 11/14/2011 - 15:40 | 1876501 El Viejo

http://www.finalternatives.com/node/18743

Mon, 11/14/2011 - 15:41 | 1876506 dereksatkinson

This probably has something to do with the Feds saying US banks are exposed to the sovereign debt crisis after all...

Mon, 11/14/2011 - 15:56 | 1876580 common_sense

WHAT ABOUT BUFFET INVESTMENT IN BAC?? AHHHH OK OK WARREN, IT'S A LONG TERM INVESTMENT... THAT'S TRUTH, AFTER EUROPE DESINTEGRATION , EVERYTHING WILL BE UP... IF IT IS SOMETHING....

Mon, 11/14/2011 - 16:26 | 1876762 Comay Mierda

THANK YOU FOR TYPING IN ALL CAPS, IT HELPS ME UNDERSTAND YOUR POINT BETTER & GIVES ME CONFIDENCE THAT YOU KNOW WHAT YOU ARE TALKING ABOUT

Mon, 11/14/2011 - 15:58 | 1876593 slewie the pi-rat

now we're starting to see the real risk-0ff a bit more

Mon, 11/14/2011 - 16:50 | 1876887 slewie the pi-rat

and...stop!

Mon, 11/14/2011 - 15:59 | 1876597 slaughterer

This close is getting uglier by the minute. I would not be surpised to see SPX test 1240 at some point today.

Mon, 11/14/2011 - 16:05 | 1876638 CvlDobd

A few percent down on EFA and XLF with 100 on the Dow aren't anything these days.

Mon, 11/14/2011 - 16:10 | 1876662 Sudden Debt

This little bank hickup shouldn't last more than 15 to 20 years.... In case your a bagholder, you'll get you money back in your lifetime...

Mon, 11/14/2011 - 16:20 | 1876722 Gief Gold Plox

What's up with today's 3pm rally? It's looking kinda sluggish.

Mon, 11/14/2011 - 16:28 | 1876779 AndrewCostello

Whether people like it or not, the 21st Century will be ruled by the countries with hard assets. And sadly, most of the US's assets are "paper fantasies".

Read:

http://www.amazon.com/Simple-Wealth-Mr-Andrew-Costello/dp/1463523017/ref

Mon, 11/14/2011 - 16:34 | 1876807 Mike2756

They're already frontrunning turnaround tuesday.

Mon, 11/14/2011 - 16:34 | 1876811 Tsar Pointless

Never fear - Turnaround Tuesday will soon be here!

S&P 1300 again by next week.

It's Op-Ex week, and then next week will be Turkey Day, so the volume will be even more pathetic than usual. That will make any ramp job all the more easier to pull off.

Mon, 11/14/2011 - 16:45 | 1876870 sabra1

funny ha ha, that once the european markets close, you can use a ruler to draw a straight line across until closing time! that proves the markets are not manipulated! /sarc

Mon, 11/14/2011 - 17:26 | 1877045 Manny

If it feels like garbage, smells like garbage then probably it is.....

Financials Are Setting The Tone Today

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