The reason why its so frustrating to hear these knuckleheads, and I count Jaime Diamond as one, trust me, is because what they do is skew the truth.
C said yesterday they were profitable January and February. Yeah, ok, and I'll sell you the Brooklyn bridge in its entirety.
C is worthless, JPM is worthless. WFC is worthless. BAC is beyond worthless, so are many others in my OPINION.
Rallying JPM and having Booyahhead pump it up based on the CEO saying that they were profitable the 1st 2 months of the year is LUDICROUS and a HUGE lie.
That neglects the fact that they have at least $300 BIL in bad debt that needs to be written off. This is the same with JPM and all of these stocks.
Now, the thing is, as I stated, we traded these on the long side and I think on pullbacks for now may have more upside here, but beyond a trade forget them, they are DEAD long term, it doesn't matter what the govt does in the long run.
OK, thats it. Hey, I hope we get another 30% move higher, and I do think the financials could get that bigger move. Watch $5 on FAS if it gets there for us, thats heavy resistence. My guess is we still have upside, as I probably have said a few times. I think levels to watch on stocks we are in or have been trading;
WFC $15 to $17
USB $15 to $17
JPM $22.50 with potential top at $25 area
You see what BAC did today? This is why you need to keep your levels handy. BAC opened over $5, went to $5.50 and then pulled all the way back to $4.60s intraday.
I know its evil to short, but you can use these levels for entries at least for a trade. Look at PNC today, went over its big time resistence at $25, went all the way to $28 and then sold off like gangbusters.
TRADE THIS MARKET FOLKS! DO NOT GET CAUGHT LONG OR SHORT!
That's it, that's all I can muster, meanwhile, if you haven't picked up my new book, please do;
Rule the Freakin' Markets, by Michael Parness
See ya manana!