Monday, April 13, 2009

Morning Update/ Market Thread 4/13

Good Morning and welcome to Quarter one earnings season… Tomorrow Goldman Sucks reports that they skimmed over $12 billion from the taxpayers via AIG. Additionally, rumors are flying that they are bragging about large gains from hedging the downfall of AIG, meaning that they are double winners at your expense. I hope the average American figures this stuff out, the sooner we all take action to stop this thievery, the better.

With corporate tax receipts down 90%, I’m thinking that there probably is a good chance that corporate earnings, overall, will be “interesting.” P/E ratios are thru the roof and stocks are already very expensive when valued against future earnings.

Futures are down this morning, but the formation does not look dramatically bearish, however, it will produce a little bit of a gap lower. No economic data out today, just a few short term auctions.

Have a good day, and if you run across good information or have some good charts you’d like to share that would be great. See you on the comments!