I'm thinking that when JPM reports, it could bring down BAC if JPM gives forward guidance on their outlook on account of BREXIT. BAC has much lower exposure and I could see BAC having an upside surprise quarter. So the upside surprise might get stepped on by JPM. Of course, not of that matters if the FED makes up a reason to deny BAC's capital distribution. I think the denial rate for all institutions has been about 1 in 7 to date.
BAC took off after the European open and reached a high of $12.54. The price subsided to low's around $12.39-ish in the US pre-market but then steadily increased to a high of $12.63.
European and US pre-market indexes recovering but still not out of the woods. One could expect some sideways activity in the great scheme of things. At least it could allow for some good results from CCAR sinking in. After everybody being offsides on the BREXIT issue (I resisted the temptation to close my hedges the day before), it would just be our luck to have the FED stick it to BAC on some technicality. If we get the capital distributions we are looking for, then I figure BAC is worth at least a dollar off yesterday's lows. But I can't say how much of today's price recovery is "BREXIT" recovery and how much is in anticipation of a good capital distribution.
To add to the complexity, there is an activist investor move to spin off some onerous parts of BAC to allow the other segments to reach their potential. It seems like an uphill battle, to me, though. I think you would have to get massive interests in BAC on board because management does not seem open to presiding over spin-offs anytime soon.
The 2 & 10 spread is down to an '83' handle from '84', pre-market. The recent highs were around '106' so you can see that the curve is flattening and becoming less advantageous for the financial sector.
The GDP third estimate for Q1 is 1.1% on a concensus of 1%. Not bad if you believe it. The GDP deflator was 0.4% compared to a 0.6% consensus so that's good too.
run rujn to theexit exit dooreas fast as you can it will crash crash back down
"The only thing we have to fear ... " is idiots like blue.berry.
I think you absolutely dont know what you are talking about and that you are a world wide web knowledge based investor. And a day trading shortie. Brgds!
Strange how $2 trillion worth of debt popped up in Clinton's first term and it was only after Gingrich showed up that we got the surpluses.
Capital gains from a tech market rally got the deficit down during that time. If they had not used social security receipts in the general budget during that period the budget would not have been balanced. Some say that during the last part of Clintons term they fudged the numbers as to make the economy better then it was. There never was a 10 trillion surplus like you liberals like to tout. The economy was on the way down as Clinton left. EOM
I'm not sure that spite is either a mental disease or stupidity. ROFLMFO. Once flattery fails, overt spite and destruction are the only tools the sociophiles have left to defeat the other groups of tampon praisers. See the movie "War of the Roses" for further claridication on passionate relatioinships lacking in logic or ediification. . ROFLMFO.
Once the humans realize what they are really like, the role of MAD strategy in forcing competition and developement of capability will be sharply contrasted to the normal fight and destroy instincts. People who seek justice and think they can win usually end up with more justice than they wanted. ROFLMFO.
All praise the tampons.
Stay in a marriage with a parasite for the good of the chronlogically challenged kids. ROFLMFO.
market cap is still too high imo considering default risks, exposure, overleverage, and lack of any interest rate increases for the next forseeable future. diluted shares 11.1billion = 137billion market cap here still after the fall. That's way too large.
I think $10-$11 is imminent right now.
"Give the Brits a few months to show us what kind of stability their nationalistic BREXIT fling produces, and then we'll see how eager U.S. voters are to demand some of that British "stability" for themselves."
So what you're saying is nationalism, not allowing some foreign central bureaucrat to over rule your laws your borders is a good thing. That the US who hasn't yet entered into such an arrangement and has fared so miserably, should learn from Brexit and enter some sort of international commune relinquishing from it's citizens any control it had for itself to some other citizens of superior judgement about all things US immediately if not sooner.
You people are either stupid or you have mental diseases. There are no other options.