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BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa

 
Anonymous Coward
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10/10/2009 03:46 PM
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BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
"Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove said.

Like the article warns, "the financials" (banks and the likes) lead the stock market, up or down."
Well, with the experts already seeing a disastrous reporting period next week for the banks, then in my book:

IT IS STARTING! Here is just a summary. Basically, they are already trying to cover their asses.


What is a Friday without the FDIC closing down a bank of five? They closed none this week-end.... Calm before the storm...

...October surprise from bank earnings?

Some experts worry results may be much more negative than investors expect...


And with the FDIC nearly broke, no wonder they rested this weekend.
Link with full details:
[link to newsusa.myfeedportal.com]
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10/10/2009 03:59 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
full article (without charts and the likes):

What is a Friday without the FDIC closing down a bank of five? They closed none this week-end. Yet, they have been getting ready:

FDIC gearing up for big bank failures...
See: FDIC preparing for mega bank failures (w/ video)

Colonial Bank had major issues back then, and just went under on the 1st of October:
FDIC seizes Colonial, to sell assets to BB&T: report
Source: [link to www.execdigital.com]

This is an interesting commentary with a potential conspiracy theory for those still concerned about bank holidays and the likes...

"There were no bank closings tonight, leading me to wonder whether the FDICs cash flow situation is more dire than it appears on the surface. The number of banks in financial distress only increases week by week, so the gap in bank closings is the result of administrative forces. Besides the obvious cash flow concerns, delays also result as the FDICs limited staff is stretched thin by the growing number of problem banks. Computer system maintenance at FDIC scheduled for this holiday weekend may also be part of the reason why the FDIC was not in action tonight."
Source: [link to shamaniceconomist]

Then we read what may be the FDIC's main concern. The next wave.

October surprise from bank earnings?

Some experts worry results may be much more negative than investors expect

SAN FRANCISCO (MarketWatch) -- Bank stocks surged during the third quarter, but as companies prepare to report results from the period, several industry experts remain concerned.

"We are very early on in this credit cycle," Timothy Long, chief national bank examiner at the Office of the Comptroller of the Currency, said at a recent conference.

"That statement caught everyone by surprise," said Nancy Bush, a veteran bank analyst who attended the conference.

J.P. Morgan Chase kicks off the bank-reporting season on Wednesday....



So, we see that this non-FDIC Friday may be just the calm before the storm... With leading indicators like shipping and the BDI as well as the printing trade all down even further, means we have not really seen a recovery at all yet.

I have long heard traders saying how "the financials" (banks and the likes) lead the stock market, up or down. Well, one last quote from the MarketWatch article above sums it up for me:

"Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove said.
Anonymous Coward
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10/10/2009 04:14 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
when will we have figures ?
Anonymous Coward (OP)
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10/10/2009 04:15 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
when will we have figures ?
 Quoting: Anonymous Coward 790675


"J.P. Morgan Chase kicks off the bank-reporting season on Wednesday...."
Anonymous Coward (OP)
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10/10/2009 04:24 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
...Computer system maintenance at FDIC scheduled for this holiday weekend may also be part of the reason why the FDIC was not in action tonight."

 Quoting: Anonymous Coward 519048


Hmmm.
Anonymous Coward (OP)
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10/10/2009 05:05 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
Come on, the FDIC has been closing banks EVERY FRIDAY for the last, what, six months straight or so and all of a sudden THEY STOP??? Something is up here.

Something big.
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10/10/2009 05:17 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa

SheilaBair-0909-1

SHOCKER: The FDIC did not announce any bank closures yesterday.

Based on the FDIC's bank failure calendar, this appears to be the first time this has happened since early June.

The last few weeks have been relatively quiet compared to the bloodbath of July, when the FDIC had to close 7 banks on each of two different Fridays.



[link to www.businessinsider.com]
Anonymous Coward
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10/10/2009 05:21 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
Come on, the FDIC has been closing banks EVERY FRIDAY for the last, what, six months straight or so and all of a sudden THEY STOP??? Something is up here.

Something big.
 Quoting: Anonymous Coward 519048

They are out of money.
Anonymous Coward
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10/10/2009 05:23 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
Banks, like the rest of the stock market, rallied strongly this past week.

Evidently, earnings won't matter.
Anonymous Coward (OP)
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10/10/2009 05:29 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
Banks, like the rest of the stock market, rallied strongly this past week.

Evidently, earnings won't matter.
 Quoting: Anonymous Coward 635100


Oh, they will. The P/E Ratios are so over-board at the moment that it is a miracle that we have not crashed already. This very well may be the catalyst for the next major stock down-turn.

Look out next week.

Earnings WILL matter when the tax payers realize, 'oh, we'll have to pay this all back?' Which is right about now.
Anonymous Coward (OP)
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10/10/2009 05:44 PM
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Re: BANKS LEAD THE MARKET: "Third-quarter earnings for most banks, particularly the regional lenders, will be extraordinarily negative," Bove sa
October 9

NEW YORK (CNNMoney.com) -- The nation's banks are still sitting on tens of billions of toxic assets -- and they likely will be for quite a while.
[link to money.cnn.com]

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