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"Investors must have Z-E-R-O confidence in Obama's grand plans ~"
Anyone who would purchase a stock priced 20-40 times its earning capacity is not an investor.
At best, this kind of "person" is a fool, or a speculation-manipulator attempting to get something for nothing.
Today's social ethic in this country seems to be - " I'm smarter than you cause I did-dunt hafta work for my money, and you did. So, you're the stupidist one.
So, the bullsh*t level on Wall Street dropped from a high of 14,000 to 7,000. This is a bad thing?
Personally, I hate bullsh*t - and avoid buying any.
As opposed to our average recovery-haters here, the investors know the banks need to recover first before the rest of the economy can recover. So, positive news about Citigroup would naturally spark a rally in at Wall Street.
Very true, but the fact that Citigroup (pretty much a poster child for the brutally battered financial sector) is showing a profit is PRETTY HUGE NEWS - especially if it is followed by reports of other members of the financial community doing better (which of course remains to be seen). It is after all the collapse of the financial sector that launched the rapid collapse of the market that began in early-mid October - and has continued pretty much unabated (except for very brief rallies) since that time.
IF the financial sector is truly showing improvement it could stimulate a major turnaround on Wall Street - which could in turn ease the overriding fear that is driving down the whole economy.
Ken
Nope, not buying what you're selling. Once the banks are nationalized (they're warming us up to the idea), regular shareholders will be wiped out and the taxpayers will be forced to purchase overpriced stocks. Credit unions and small banks could normally take advantage of having relatively clean balance sheets to operate very profitably, but the big boyz getting free bailout money will inhibit this natural stimulus from occurring.
As opposed to our average recovery-haters here, the investors know the banks need to recover first before the rest of the economy can recover. So, positive news about Citigroup would naturally spark a rally in at Wall Street.
The banks have to recover, just not THESE "banks".
As opposed to our average recovery-haters here, the investors know the banks need to recover first before the rest of the economy can recover. So, positive news about Citigroup would naturally spark a rally in at Wall Street.
I think if C holds above $1.30 overnight the sector will keep climbing for awhile (barring any news). Nice if their CEO would come out on a balcony and say something extra to the mob below, rather than just "leaking" a memo.
This isnt the start of the recovery, though.
But the fact that the financial sector held through Bernanke this morning (& Geithner Monday) is GOOD NEWS.
Meanwhile, this isnt really worth a whole thread but bears noting:
Nope, not buying what you're selling. Once the banks are nationalized (they're warming us up to the idea), regular shareholders will be wiped out and the taxpayers will be forced to purchase overpriced stocks. Credit unions and small banks could normally take advantage of having relatively clean balance sheets to operate very profitably, but the big boyz getting free bailout money will inhibit this natural stimulus from occurring.
The problem with your theory is that IF the banks recover there will be NO nationalization. That's a big "IF" admittedly, but not nearly as big as it was before the news of Citigroups' profit notification.
That's part of the reason it is so significant.
If you are gauging the success of the president on a stock market index, you have no place discussing politics.
Don't worry. As soon as the Wall Street starts to recover, the recovery-haters will stop talking about Wall Street and president in the same sentence. They will find something else to blame on the president.
Don't worry. As soon as the Wall Street starts to recover, the recovery-haters will stop talking about Wall Street and president in the same sentence. They will find something else to blame on the president.
True.
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I think if C holds above $1.30 overnight the sector will keep climbing for awhile (barring any news). Nice if their CEO would come out on a balcony and say something extra to the mob below, rather than just "leaking" a memo.
