Currency devaluation reflects silently on still and glassy water.
Auspicious update, below.
BAC down 3.6%; C down 2.9%; JPM down 1.5%; WFC down 2%.
After getting on my Citigroup soapbox at $3.95 and rah-rahing it to $4.30 it is now back to $4.09, a penny above the former resistance (now, theoretically, support). Interesting positioning going into tomorrow morning's earnings report.
From ZeroHedge:
In a nutshell, a cursory glance of JP Morgan’s recent earnings announcement is middling, and that’s putting it optimistically. Revenue and profits have fallen nearly across the board, and the earnings beat is a result of moving capital from reserves to the earnings column. Even this may be suspect, for while credit metric trends appear to be improving (largely a result of massive government stimulus), the core, underlying cause of this malaise looks to be on the move downward again. See As I Made Very Clear In March, US Housing Has a Way to Fall.Citigroup posts in the last week-and-a-half:
I will be coming out with a detailed review of JPM’s results shortly. In the meantime and in between time, refresh your collective memories with past analysis and opinion:
An Unbiased Review of JP Morgan’s Q1 2010 Results Yields Less Roses Than the Maintream Media Presents
...MORE
Citigroup Inc. On Balance Volume Highest In 44 Days (C)
"Citigroup Inc. Stock Poised For Breakout" (C)
Citigroup: Breakout!: "Buy Bullish Citigroup Options Before Earnings, JPMorgan Says" (C)
"Market slump expected to dent profits at big banks" (BAC; C; JPM; WFC)
Rochdale's Dick Bove Calls Citigroup His Best Pick (C; GS)Update:
Invest in Kirin
Mindfulness overrated
Sensei insensate
I'm tempted but no, I'm not going to go all kamikazee on the position, making a last stand, doubling down etc.
It will be extremely constructive if the stock holds $4.o8 through today's and tomorrow's close.
In the meantime the mountain sighs, the river weeps.
(sorry about the Haiku)
