a Democratic Activist just try'n to help
"The aftershock of the previous two trading days will likely continue today with investors caught off guard and now ready to press sell buttons in any renewed weakness," said one London-based trader this morning.
John Paulson has lost around $1 billion of his personal wealth since Friday morning as a result of gold's price drop.
not yet. maybe at $200
It's the oldest market pattern in the book.
A long-ignored asset finally gets hot, and its price rises for a while. The rising price of the asset attracts new investors, which drives prices even higher. And as the price rises, investors develop compelling explanations for why that's happening, only some of which may have a solid basis in fact.
The price continues to rise, more investors arrive, and their buying drives prices even higher. Soon, the stories that explained the early price increases get repeated so often that they start to be regarded as fact. The price rises even further. More investors hear the stories and believe them, and hurry to get in on the action. And so on.
At some point, however, for any of a number of reasons the spell breaks. The "story" hasn't changed, but demand for the asset no longer outstrips supply, and the price drops.
At first, investors brush off the price drop as a temporary fluctuation--a "buying opportunity." Then, when the price drops even more, they look for temporary explanations and causes. They often begin to point fingers--blaming individuals, organizations, or conspiracies for the price decline, anything but the theory that the "story" they bought into might not have been true.
Citi’s 2013 Capital Plan, submitted to the FRB on January 7th, underlines management’s
commitment to build and sustain robust levels of capital
Citi requested the following distributions from common equity in its 2013 Capital Plan
• A $1.2B common stock buyback program through 1Q14
– Intended to offset estimated dilution created by annual incentive compensation grants
• Maintenance of current common stock dividends of $0.01 per share per quarter
but probably not. Since C came in at 8.3%, well above the 4.9% last year under Pandit, they must have set aside a paltry pittance for buyback or dividends.