Does anyone on this board think the banks are full of it? WMT didn't even perform well in this economy. And now, suddenly, the companies that have been beaten up the most are reporting better earnings?! Bullshit! Maybe JNJ will lie as well, to boost the stock price.
The reason the banks are (and will be) reporting great OPERATING earnings is because the FED lent them really cheap money. They loaned it out. That was the purpose of it, for them to make money to recapitalize. If they reported that they lost money, then I would suggest bad times for all. Wall Street knew the banks would report operating profits. Perhaps it was a surprise to main street.
I am cautious on the whole market. I like JNJ because it is defensive. I am not saying it is going higher from here (at least right now). Longer term I think it will be a good stock. I like the dividend as well.