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Answers I Really Wanna Know: Big Financials Reporting With Mixed Results


Now that all the big boys have reported, will you please remember that the financials, as forward-looking discounting proxies, will trade on the perception of the future?

  • Following my dollar column earlier this week, are you hearing the chatter that Saudi Arabia is posturing to drop the greenback peg?

  • Isn't this an intuitive evolution given the "Uncle, Cut!" by Uncle Sam?

  • And isn't it consistent with our 2007 theme of Nationalization?

  • Can we finally agree that the judge and jury of stateside policy are now domiciled overseas?

  • While it's conceivable that asset classes can continue to rally with a weaker dollar, when will foreign holders of dollar-denominated assets say enough is enough is enough (this can't go on)?

  • Doesn't it feel like Mr. Greenspan's legacy is in serious rewrite mode?

  • Given the intricate machination of (on and) off-balance sheet positions at Wall Street brokers, can't they print any number they want?

  • I mean, didn't Lehman make its revenue number by "bumping up" interest and dividends while Goldman's beat was in part due to a sale of a power company?

  • And what does it say about Mother Morgan (MS) and Bear Stearns (BSC) that they couldn't find similar seams in their financial fabric?

  • Do you see the technical context (defined risk) I was looking at when I got short Morgan Stanley on the back of yesterday's earnings (and in the face of flattish price action in an "up" tape)?

  • Now that all the big boys have reported, will you please remember that the financials, as forward-looking discounting proxies, will trade on the perception of the future?

  • And are you allowing for unforeseen expiration influences to manifest in the days leading up to the actual expiry?

  • Do you see the dollar at fresh lows and gold at new highs?

  • Will Gold $1000 seem obvious with the benefit of hindsight?

  • Y'all see the big open interest at S&P 1525 (which will act as a magnet into today's close)?

  • How about other "pin candidates" such as GOOG $550, AAPL $140 and XLF $35?

  • How will Big Ben chime during his 10:00 AM testimony on mortgages?

  • Is Northern Rock the overseas equivalent of Countrywide Financial?

  • Does anyone else think that Ken Lewis (BankAmerica) intercepted that slug of Countrywide while playing defense rather than offense?

  • Is anyone else excited by the prospect of Minyan Peter joining the 'Ville as a full-fledged professor?

  • How much of the post-FOMC rally was the unwinding of the massive hedges we saw slapped on last week?

  • Now that the VXO is a teenager, is this the very best opportunity to buy volatility into year-end?

  • Are you watching BKX 111.50 as a near-term technical toggle?

  • Have you circled Friday, December 7th in NYC for the Minyan Festivus to help the kids?

  • Have you noticed that I'm not jawing about big city baseball?

  • Over in four-letter land, did you see that KLA-Tencor (KLAC) is guiding fiscal first quarter orders to the "bottom" of it's forecast range?


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No positions in stocks mentioned.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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