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April 19, 2009 – Comments (1) | RELATED TICKERS: AIG , BAC , GS

This is my first blog I have ever done!!

    I just read an article by Alan Abelson titled "Don't Bank On It" and it asked the question, "How did the banks, so many of which seemed to be slouching toward extinction, get their act together to the point where they were in the black January and Februry?"  The short answer is that AIG gave up its credit default swaps which gave other banks this financial tool to make money off of it (the easing of accounting rules helped as well). Also, worth to note, GS lost money in December, about $780 million- it made a bundle in the timely shorting of bonds-take a look at their report.

    This is what I think happens- BAC reports and it looks great. Monday is an up day- Tues is soso, and then Wed, the shiit hits the fan....Unfortunately we are not out of the woods with the financial sector. I think we might re-test low 7000....

Disclosure- I sold all banking stocks last week..bought into SKF and SDS this week- taking a look at SRS as well..Good luck to everyone!!!

Pete

1 Comments – Post Your Own

#1) On April 20, 2009 at 4:16 PM, Roto1177 (79.62) wrote:

A little side note: I sold all of my SKF and SDS today....

 

Just took a little profit....bought into LVS at $4.71 today

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