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What Happened To US Financials After Yesterday's European Close?
As Dick Bove opines and talking heads explain the money-on-the-sidelines and why AAPL is going to one cajillion, the major US financials have quietly been notably lagging the performance of the broad equity markets since yesterday's European equity close. Whether this is a catch up to credit's recent underperformance or simply a recognition that nothing in Europe is solved and the contagion is as real as ever is unclear but for now the buy-of-a-lifetime in Morgan Stanley is at a 3% 'discount' to yesterday's price...
and as a reminder - while European financial stocks and credit have recoupled, US financial stocks remain in a world of their own relative to credit...
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pitty paulson has sold all his shares at the exact bottom.
but, moody will downgrade banks in May, right?
http://www.cnhedge.com/
http://www.jinrongbaike.com/
A small favor, please. If you're going to post links to sites completely in Japanese, can you at least link to the usual jap models in school girl outfits?
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Only in finance can a guy liek this continue to be employed.
On March 18th of 2008, about a month from the end of a bear market rally that Mr. Bove called a "generational buying opportunity", BAC closed at $38.93.
Not to mention recommending Lehman and MF global before thier collapses.
Hell, the only people I thought were still into banks were true lovers like Buffett and the likes - I wouldn't wanna touch anything near BoA or keep-for-life (keep it real, with a balance sheet like shit) Morgan S...
Check out the chart in SX7E (ESTOXX Banks). Down 13% in last 12 sessions....
Now that ZH has noted this under-performance, and a few ZH members will short them, the major US financials will rally.
Banks are raising capital in the markets and selling their own paper to any sucker believing in the "recovery".
Liquidity is good and access to capital for the banks is supposedly good. Why are bank titles suffering?
Last one out, turn off the lights. Commodities and resource based producers have been very weak for some time now.
This time, we're going to hit rock bottom.
Italian banks are once again the major underperformers, too. Must have to do with Italian bonds
I've been watching CITI yo-yo back and forth. Up and down between 5% to 10% for months now.
Timing is everything.
Their reverse split did wonders for reducing volumn and volatility. Though I wonder who is making money on that dangling participle.