Posts Tagged Wells Fargo
Holidays Coming
Posted by Belisarius in Commodities, Markets on December 15, 2009
Well, with Wells Fargo moving to repay TARP funds that chapter in the economic history will be closed. Citigroup succeeded in repaying yesterday.
I expected that move to repay TARP funds and serial stock offerings would bring some strain to the bank share prices (and even broad market), but nothing jet on that front. Yes, the financials underperformed in recent month(s), but I expected something more significant.
Same with REIT’s, the sector outperformed broad market yesterday, my short position was closed on a stop loss order. No luck for me in last few days. In general, nothing is moving in recent days (one thing I correctly foretasted), maybe it would be wise to close this year trading early and enjoy the holidays.
Searching For A New Theme
Posted by Belisarius in Markets on December 9, 2009
I feels like the markets are searching for a new theme. The signs of a U.S. dollar strength have scared off recent themes (falling dollar = rising risk assets). Combined with a Bank of America capital issuance and a desperate attempts of Citigroup and Wells Fargo to do the same have completely altered the investing landscape.
International headwinds (Dubai, Greece, Spain) brought the additional suspense.
U.K. imposed a new tax levy on banker bonuses and it is planing to raise income tax. Sometimes this kind of, on first sight, unimportant changes cause large sentiment swings. Bloomberg story: Darling Raises Taxes on Income to Curb Deficit.
Wells Fargo And Stuff
Posted by Belisarius in Markets on October 21, 2009
As I wrote before Wells Fargo earnings came better than expected. I gave gone through the material and I have to say the the way management presents the data gave me a sort of the confidence that they know their job, but when I reviewed the details the seen has only scared me. Presentation.
No Fireworks
Posted by Belisarius in Markets on September 10, 2009
The S&P 500 hit the new high for the year yesterday, but it didn’t sparked interest from the mainstream media. The market looks as it is looking for clues in which direction to move. Its similar like in June/July, everything was pointing to move lower but all went in the other direction on “better than expected” earnings. Earnings season is months away and I’m feeling tempted to start a short position.
Chart 1. S&P 500
No Inspiration
Posted by Belisarius in Markets on September 2, 2009
The market has come down slightly in last few days. Again, major theme was health of world banking sector.
Chart 1. S&P 500
Low volumes and strange trading with shares of bankrupt companies could evolve to be a sign that we are bound for something worse than a few percent minus. After FNM, FRE and AIG we had even price surge of Lehman Brothers Holdings (LEHMQ). The share tripled in last few days???