Wednesday, April 22, 2009

Morning Update/ Market Thread 4/22

Good Morning,

For us anyway… not so good for Mr. Kellermann and his family. What on earth is so foul that Mr. Kellermann couldn’t live with it? I think we all know the answer to that question. Very sad.

Evidently Morgan Stanley (MS) doesn’t know how to mark-to-fantasy like their bigger brethren as they reported a loss and slashed dividends. This was a much larger loss than was expected.

Speaking of Mark-to-Fantasy, Well Fargo (WFC) posted a $3 billion (cough) profit.

Capital One (COF) shares fell more than 8% on accelerating credit losses. Evidently marking credit card debt to fantasy isn’t as vogue. Notice who the club members are and who they aren’t…

AT&T profits fell and they activated 16% fewer iPhones. Apple’s earnings come out later today.

Futures are not enjoying the show and are down this morning with the /ES at about 838 as I type:

The short term oscillators did finish in overbought territory yesterday, so the pullback could gather momentum today. We’re back beneath the 848 pivot, the next lower pivot is 798. There’s support at 838, then the prior lows at 828…

Just finished listening to Geithner talk. There's something wrong with that man... I haven't put my finger on it yet, but it's there. Maybe he thinks that hiding what's really going on is his destiny, that he's doing his country a favor and if he just gives it time then maybe the problems will cure themselves? Psychosis, mass psychosis.

Should be an exciting day, hope you have a good one.