From the WSJ:The S&P 500 has lost 22% of its value in 6 trading sessions.BusinessWeek gives a nice synopsis of this crash like action. During the crash of 1987, we fell 29.57% in the worst nine-day period before bouncing 15% in two days…the bottom occurred on[More...]

This past week has been chaotic for the markets, for investors and for Citigroup (C: 17.66, -0.69 (-3.76%)). Announced on Monday, Wachovia’s operations excluding Wachovia Securities and Evergreen Asset Management were sold to Citigroup. The deal was brokered by the FDIC over the weekend of September 28th and 29th to prevent any further shockwaves in the financial markets and the economy. The deal was at a fire sale price of $1/share for Wachovia’s assets, including the toxic waste that has corroded a significant portion of its market value. Wachovia (<a[More...]

Back in mid-July, I presented the idea that Wells Fargo (WFC) and US Bank (USB) are[More...]

The markets declined today fueled by economic concerns and disappointing unemployment and payroll cut data despite passage of the highly debated bailout plan. The Dow Jones Industrial Average fell 157.47 points or 1.50% to settle at 10,325.38. On the week the Dow tumbled nearly 815 points or 7.31%. The Nasdaq fell 1.48% or 29.33 points in today’s session to close up at 1,947.39. On the Week the Nasdaq Composite fell nearly 200 points, or 9.31% fueled by disappointing performances from technology which took a beating on the week. The S&P500 closed today’s session at 1,099.23, dropping off 1.35% or 15.05 points. For the Week the S&P dropped nearly 110 points, or 9.10%. The 10 year Treasury note dropped slightly to a yield of 3.6440%. The Dollar had a strong day against the Euro, and is currently trading at 0.7262 vs. the Euro. If there is any[More...]

The market is bouncing this morning amid optimism that the House will get it right this time and vote in favor of the $700 billion asset purchase plan (does this thing have a real name yet?)The bounce came despite a weak jobs number this morning. Nonfarm payrolls fell -159,000 in September, the 9th consecutive month of declines. This figure was above consensus for -105,000, but last month's figures were revised higher to reflect declines of -73,000.Credit market angst is still high this morning, as 3-month Libor has climbed to 4.33%. The fed funds futures in this country are pricing in a 98% probability that the Fed will cut rates 50 bps to 1.5% at its next meeting.In a strange turn of events, Wachovia (WB) said it was being bought by Wells Fargo[More...]