Good Banks?

Seeing Citigroup, Merrill Lynch and Bank of America plunge today was a sight to see. If stock price has anything to do with the financial strength of a company then maybe US Bancorp is a good choice for a bank, not to mention having Warren Buffet owning nearly 4% of the company. You know he's never going to sell.

Good Banks?

Seeing Citigroup, Merrill Lynch and Bank of America plunge today was a sight to see. If stock price has anything to do with the financial strength of a company then maybe US Bancorp is a good choice for a bank, not to mention having Warren Buffet owning nearly 4% of the company. You know he's never going to sell.

What happens if my Broker goes bankrupt?

Your stock portfolio holdings or mutual fund value depends on the stock market values of all the stocks held in the fund, so you are fine unless the US stock market crashes. If your Broker files for bankruptcy over the weekend and you can't trade because your broker is out of business, you should be able to transfer your holdings to another broker.

If your broker goes bankrupt then the SIPC (Securities Investor Protection Corporation) will replace up to $100,000 in cash and $400,000 in securities. SIPC is a nonprofit, private organization that insures the assets of customers of broker-dealers registered with the SEC (Securities and Exchange Commission) . To see the fine print check the SIPC website.

This leads into the question, what happens if my bank goes bankrupt? You are insured up to $100k as long as the Bank if FDIC insured. However, do you want to deal with the hassel of waiting in line if there is a run on your bank. The strongest survive theme applies here too, WaMu customers are leaving and going to Bank of America.

What happens if AIG goes Bankrupt? Your broker is suppose to have reserves set aside encase they go belly up. If the reserves are not big enough to handle the claims, then there are state guaranty funds that should cover the claims. To see how much your covered by your state if your broker fails, check the Annuity Advantage Website.

To see the fine print on the Guaranty laws check the The National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) website.

Another Down Day

Covered bonds are going to be issued by BAC, JPM, WFC, and C.

Balance Sheets-
Wells Fargo
Bank of America
Citigroup
Washington Mutual


Missed the first 2 hours of trade. My short on ZB worked, but ER2 never bounced to a profit.
I did bad not following my signals, but I did good by keeping my stops and not letting a winning trade turn into a big loser.

BAC DEMOLISHED!

Today is the last day of the quarter, and what better day to demolish the BULLS in BAC. What a disaster. Tomorrow may be different. BAC is suppose to have the CFC deal closed tomorrow. There is definitely some PAIR trade activity going on with BAC compared to the rest of the financials. Perhaps tomorrow the financials will bounce on short covering, or we could continue down until we get that PANIC, that everyone is waiting for.

Here's todays trades & P/L per request-


Went long NMX mid-day, averaged in a long, and got out for a small gain on a bounce.

Averaged into a long on C, thinking financials would bounce in the close, I was wrong and took a small loss on C.


I shorted Crude Oil for a 20 cent scalp, Should've held for the 2 dollar move. NEED MORE PATIENCE!

FRE- FREE FALLING

I love my girlfriends Pussy,,,,cat...

The Week Ahead- Earnings

We've got more earnings this week, Thanks to the Rage for posting them.

Earnings for Monday and Tuesday- (I'll be watching BAC and FDG for sure tomorrow, and YHOO and CME on Tuesday)


Stocks I'll be watching next week-
YHOO, One of the worst charts to look at-
HealthCare Still looking bearish-
China needs that Coal,,,,I don't like the volume pattern tho-
Will XOM breakout already!
I actually think this stock looks like it could pop higher, its stock name "YUM" sounds delicious, but I can just imagine the corny 1 line headlines that will come out if YUM dissapoints on earnings.
I think we're going higher to 28 on XLF.
LEH causing all the ruckus in March after the BSC fiasco!
I think LMT is due for a downturn with Bush leaving office.
PTR- Will it Bounce?
HomeBuilders fighting that 38% Fib resistance-
Materials, apparently they are getting more expensive along with food and gas....
I don't like it, I don't like it one bit...
China, it use to lead our market, now it LAGS.......

GOOG and AAPL comparison. It looks like GOOG was in for a bounce when comparing the two stocks .
Where's Real Estate headed?
Not so sure about these Coal stocks, they pollute too much ya' know!
BORING,,,
I'm bullish on Biotech and BSX.
What would happen if CFC bounced to $18!?
Thinking of trading this stock with some options,,,Looks Lke GOOG before earnings. You know the CME's been dominating since they took over cBOT, and especially with all the volatility we've had this last quarter. Price taret is $540 or more!