The leading sector in the stock market is now the banking stocks. Since late November 2010, this industry group has surged to the upside. Ironically, this sector began to surge higher once an arrest warrant was issued by Interpol on December 1st, 2010. Since that time Bank of America Corp.(NYSE:BAC) has surged higher by 40.0 percent. That is quite a dramatic move higher in six weeks time.
Commodities Tumble, However, Banks Are Steady Eddie
Today the major stock indexes are trading just slightly lower on the session. The declines in the market come as gold, silver, copper and oil all selling off today. The one sector that is holding up very well is the beloved large financial stocks that are 'too be to fail'. Major financial stocks such as J.P.
If you watch the nightly news or listen to any of the political talk shows you will hear that the major banks in the United States have paid back all the borrowed money from the Troubled Asset Relief Program(TARP) to the U.S. government. The media is now telling the American taxpayer that the government made a good investment and the overall cost was just $50 billion.
The U.S. government is about to reach it's $14.3 trillion debt ceiling by the early spring of 2011. Yesterday, the White House Council of Economic Advisers Chairman Austan Goolsbee made a strong case that the debt ceiling would have to be raised or the economy in the United States would be catastrophic and worse than anything we seen in 2008.
Stocks like Goldman Sachs Group, Inc. (NYSE:GS), Bank of America Corporation (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM) have been ripping higher of late and today is no different. They are all shooting higher by three percent or better on bullish news from Bank of America. While these stocks are too hot to short yet too high to buy, the real key may be in the small regional banks.
Source CRWESelect : WAL, FNB, GRB, - Western Alliance Bancorporation, F.N.B. Corporation and Gerber Scientific Stocks!
Western Alliance Bancorporation (NYSE:WAL) previously reported net income of $2.0 million in the third quarter 2010, including a net loss from sales/valuation of repossessed assets of $4.9 million, a loss on discontinued operations net of tax of $0.6 million, net gains from securities/mark-to-market of $5.3 million and a net gain from sale of Premier Trust of $0.6 million.
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One aspect of the problems impacting a number of the Eurozone countries is the fact these issues were not addressed in the formation of the Euro. A recent article in the Telegraph notes, in 1990, Commission economists advised the EMU some of the issues facing the EMU today needed to be addressed before implementation of a single currency. According to the Telegraph,...
Eurozone: Living Beyond Its Means And Implications For U.S.
If the U.S. looks at the issues facing a number of the Euro Zone countries, it is not too much of a stretch to say the U.S. could go down that same path. Certainly the U.S. economy is more diversified than those of the coutries that are encountering financing issues. However, much of what is occurring in a number of the Euro Zone countries is a result of countries living far beyond their means.
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Crown Equity Holdings Inc. (OTCBB:CRWE) announced recently that it has launched its crwenewswire.fr website to provide news in France's native language. Crown Equity Holdings Inc. had previously launched its German website crwenewswire.de and is launching its Canadian website crwenewswire.ca shortly.
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Potential for a COUNTERTREND Move is increasing
The potential for a COUNTERTREND move in the EURO(FX) and the DOW is increasng. Remember, the trend was initiated on the EURO(FX) SEP 13 AT 1.2876 and on the DOW SEP 03 AT 10447. Obviously the STOCHASTICS are very high at this point and further indicate the potential for such a COUNTERTREND move.
Japanese Intervention Plan Getting No Support from Central Banks
The USD JPY hit a key 50% price at 80.40 as forecast, triggering some light profit-taking. Although traders anticipate another round of intervention, there has been no notable central bank activity at this time. This could mean that aggressive traders will continue to push the Dollar/Yen lower into the next retracement level at 80.04.