Friday, June 20, 2008
Banks downgraded
Banks eps have just been downgraded by Merrill Lynch. Most noticeable is Bank of America who they added will lower their dividend
Option Expiration Today
Today we should chop around as today is option expiration. I dont expect alot of action today. Citibank news yesterday I think is putting another dagger in the heart of the financials. For the non believers out there some financial institutions especially the regionals will FAIL.
I say Donlad Trump on television yesterday say credit (lending) has totally dried up in the market and this tells me the regional banks that get 80% of their business from real estate will go under. Real estate can't survive without credit period. Real estate is not a cash market so if banks aren't lending this housing market will have a very long depression in my opinion.
Have a great weekend if today is slow..
Talk to you Sunday
MARKETJEDI
I say Donlad Trump on television yesterday say credit (lending) has totally dried up in the market and this tells me the regional banks that get 80% of their business from real estate will go under. Real estate can't survive without credit period. Real estate is not a cash market so if banks aren't lending this housing market will have a very long depression in my opinion.
Have a great weekend if today is slow..
Talk to you Sunday
MARKETJEDI
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