At 8:20 a.m. futures are moderately up, the dollar is down against all major world currencies, and oil is up. The trifecta is in for the market to at least open higher. We only say open higher because the market has started strongly on many days recently only to tank on the same old same old. That would be the Eurozone debt crisis containment blues - this is a looming monster, don't think otherwise. This is a big deal.
Notice how American banking stocks are plummeting in value because of exposure to the Eurozone crisis. I would suspect many of us do not feel particularly bad that an outfit like BoA has ultra cheap sinking stock right now, except of course those of us who own the stock and are seeing horrendous devaluation. We've been there.
This is a part of the merde that is hitting the fan. The banking system is getting hit hard. This is just the beginning.
CNN: Stocks: Investors are sitting, waiting, wishing
Bank of America fell below $5 per share on Monday, its lowest level since the worst of the financial crisis in March 2009.
U.S. banks have been hit by concerns about their exposure to bonds issued by fragile governments in the eurozone.
Oil for January delivery rose 36 cents to $95.16 a barrel.
3 comments:
Figure this one out? NJ's Hiway authority just increased tolls on it's toll roads up to 50% after Jan. 1. Does this make any sense, especially after they laid off most of the toll takers and replaced them with automated systems? More for the 1% of the top management that acts as if these roads are their own "private property." Mind you these are PUBLIC roads and have been built and paid for with taxes.
Sounds like Jersey is broke and in order to raise more funds they have violated the Norquist promise to not raise taxes. Chris Christie is hoping that when he runs for Prez in 2016 that this will be past history and forgottten. Christie is clearly violating the Norquist pledge.
market prospect ...
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