Bank preparations JPMorgan Chase, Citigroup and Wells Fargo stockpiled a collective $28 billion in Q2 in order to prepare for a wave of consumer and business loan defaults. The preparations hit all the banks' profits in the quarter. JPMorgan expects unemployment rates to remain at double digits into 2021. Fortune
Yes. I am currently net long options and net long equities, so I am providing liquidity, lending $ to market makers and other traders.
Very reassuring sir. Exact same words my broker told me back in early 2000 when I was loaded with dot com stocks. He also said this time it was different, a new era, like when the printing press was invented.
%% With the exception of C, WFC/heavy fined banks; that sector looks fairly strong. Fed figures on single diget unemployment / but they don't really know. And since C is a $5.00 stock but reve\rse split 10 times/ I seldom pay attention to them.WFC may be setting aside much of that for losing lawsuits. ……………………………………………………………………………….
They didn't paint a rosey picture though. Wait until we hear from all the small / medium regional banks. The contrast will be stark.
%% Same here; most likely my buy/sell /buy+ sell ladder gets hit sometime this month- unless markets go tight sideways/not likely...…………………………………………………………………………As far as his ''wear a mask comment'' comment sounds like GS, where he used to work, he disclosed, maybe a mask position/company./WMT/LOL