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Troubled Bank Number Grows By 54 YET Banks Post $21.6B profit (XLF)
Aug 31st
Contradicting headline if you ask me! This past Friday was the first “bank fail Friday” we have seen without a failure, maybe they are playing the bank seizures a bit slower as the stock market erodes? Doubt it. Have no fear though the number of troubled banks has increased to 829, most are regional banks.
I believe regional banks represent the middle consumer’s true condition because they service more of the middle class and rural America. These smaller banks do not have fixed income trading desks, they do not make markets and are not SLP unlike the big banks who accounted for most of the $21.6 billion in net income in the April-to-June quarter.
(AP Writes) “The biggest banks have mounted a strong recovery with help from federal bailout money and record-low borrowing rates from the Federal Reserve. They also have been able to cut back on lending in troubled parts of the country such as Florida and Nevada.
Smaller and regional banks, however, have less flexibility. They have accounted for nearly all the banks that have failed this year.”
Do Not Stand In The Way Of The President (SPY)
Aug 30th
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| SPY 10 min |
(UPDATE) SPY closed down 1.43%.
As you saw from the minute President Obama started tapping the Mic the market was offered all the way down to 1050. The market is reacting A La 2008 style to the president speaking, down down down. A lot of bulls had their balls tied up with rubber bands ready to buck when the paddock gate was opened. The rubber bands must not have been tight enough as the market is down 1% or about 100 points on the DOW.
When you see lower highs and lower lows consistently throughout a session it is a good rule of thumb to not stick your neck out into the playing field.
Volume has been light today, though read into the higher selling volume and the VIX spike this morning and its subsequent trading. VIX is currently up 8% on protection buying going into a historically dismal month of September. I will like to leave you with a quote with sums up what we should expect from companies and consumers in a slowdown environment.
You have to prepare for slower growth,” said Mark Tepper, managing partner at Strategic Wealth Partners. “As consumer spending goes down, businesses will experience lower earnings.”
Trade Journal for the week of 8-23-10
Aug 27th
Not to shabby considering I did not trade to much this week.
Weaker Dollar Coming Now?
Aug 26th
On March 29 I posted an entry titled “Stronger Dollar Coming?” suggesting that the Dollar would gain strength as the consumer spending lessened. At the time the Eur$ was at 1.3440 and it did reach a low of 1.1875. Today with the Eur$ in the 1.2660 More >
The Traders That Came Before Us – Jesse Livermore Quotes
Aug 25th
I found these quotes on a site called Leavittbrothers.com which also has a good section on chart and candle pattern definitions. I think it is a must read for traders. Mostly Jesse Livermore Quotes with a few tidbits added in from Leavitbrothers. More >
2 Entries This A.M.
Aug 24th
The first trade of the day was great as it gave good entries on multiple currencies as well as went straight to targets. The EU gave the best entry as it pulled right up to the channel for a trade down. Cable gave an entry as More >
Confirming Trade
Aug 22nd
Here are a few pix’s of a trade that I am currently in and have taken profits on already. I hope this helps those that may need to see a picture of a perfect trade with a great entry will look like. 
As More >
Trade Setup Today on the EurGbp
Aug 20th
You might enjoy seeing one of the trade setups that occurred today on the EurGbp. Have a Great Weekend!! TraderCisco
50/5 MA Crosses
Aug 20th
You can learn a lot when you study. This 50/5 MA cross I have been studying has been paying out very well. When you add the larger time compressions as an added confirmation, profit potential skyrockets. The key is adding positions to a winning trade, more More >
Trade Journal
Aug 20th
What did I learn this week:
- Wait for the perfect entry. Maybe even use a pending to keep the itchy trigger finger away.
- Wait to get paid. Commit to the trade.
