Luckily for us all, one of our long time wolves, who has contributed a lot to the site as he's in the mortgage industry and routinely gives us the real deal with regard to what's happening rather then the government sponsored propaganda that is continually revised worse the next week or month after the initial report. We have many wolves that contribute ideas and even questions that lead to new ideas, so even in questions, we all gain something. I taught technical analysis for over 3 years because I wanted to give something back (the same reason I started Trade-Guild.net) and because teaching is not for those who can't do, it's for those who want to learn more. That's right, teaching has been one of the greatest learning experiences I've ever had. So share what you know with those who are interested, you'll be surprised what you get back from it.
I regress, this Wolf sent me something that I didn't pickup on, it's in the news and it's like a Tsunami of bad news all released by the banks over the weekend when the market is closed. Ever notice how bad news politically is always released Friday night, thus it gets the least coverage?
Here's the list and this is just a partial listing:
Citigroup Could Lose $4 Billion on Lawsuits
Citigroup Says U.S. Probes Examining CDO Structuring, Sales
Bank of America, Wells Fargo and Citigroup Warn Investors
Bank of America, Wells Fargo May be Fined by Regulators
BofA says foreclosure probe may add expense
Bank of America Says Putback Dispute Doubles With Pimco Group
No wonder XLF was looking sketchy last week. Our bounce may be short lived which may lead to a very ugly downside event. Sorry to interrupt your weekend!
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