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Random Thoughts: Banks Taking Precarious Positions

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You wanna be involved with stocks... and people... that put their money where their mouth is.

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  • First Citigroup (C) said it's suspending share buy-backs and now JP Morgan (JPM) is saying repurchases may take "second place" to its finance clients? I've always been of the school that you wanna be involved with stocks--and people--that put their money where their mouth is.

  • BKX 105.5 remains a viable short-term backstop for Boo. BKX 111.50 remains the broader level of lore.

  • We sensed the "N's over S's" tape this morning although I coulda been more vocal in my opinion that the financials would be a source of funds. Either way, the early eyes on Bear Stearns (BSC) and Wells Fargo (WFC) and Citigroup are thus far spot on.

  • Other sources of funds? The commodity space, which is somewhat surprising given the giveback in the greenback (which is thisclose to fresh lows).

  • United Technology (UTX) and IBM (IBM) are acting as a 53 point drag on the DJIA.

  • NYSE internals are hanging tough but watch this tell during the probes, particularly as Friday's expiry will manifest with near-term volatility.

  • I shoulda stuck to chewin' tobacca! Note the FXI as its trading up 11 points (5.6%) and remember that the last leg of a bubble is always the most vicious.

  • I asked the question yesterday whether Shanghai 10,000 is NASDAQ 5000 into the Olympics. I was bombarded by "NO WAY!" emails but---seeing all sides---I got the same sorta stuff at NASDAQ 3500.

  • And no, I'm not there, although I do have some ketchup exposure (on a very tight leash).

  • Investors Intelligence bullish sentiment is up to 62%? Golly.

  • Interesting that Japan closed lower given the overnight news. We've seen steady put buyers in that region all week.

  • There's a pity party at Citi as the stock tickles 52-week lows. Either the "as goes the piggies, so goes the poke" mantra is WRONG for the first time in many, many years or this is one of the best selling opportunities of my career.

  • Why are campers so happy? Or clams for that matter?


R.P.

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