The Financials Review For the week of Nov 14, 2011

Discussion in 'Financial Futures' started by pitgurufk, Nov 14, 2011.

  1. The Financials Review
    For the week of November 14, 2011

    By Frank LaMantia

    Bank of America and other banks have been shying away from charging debit card fees. The problem is new fees are emerging for replacing lost debit cards, depositing money on mobile phone, wire transfers, etc. Consumers have been angry over charges on their accounts so banks are going a different route. (1) Italy's bond yields new highs which has the financial world awe-struck. The 5 year Italian bond is up to 6.2% from 5.3% in October. Last week bonds topped 7% in which experts said, Italy could not pay. (2)

    The current crisis is being compared to pre-World War Two which in this trader's mind is comparing it to the Great Depression. The tone has changed over the past 2 weeks both in the United States and abroad. The market swings have been based on news and not earnings or charts. MF Global being dismantled has also placed a burden on the market's shoulders.

    Obama seems to be getting fed up with China's currency actions. But what is really behind this tension? Well, for starters both China and Russia still trade with Iran while we have sanctions against them. Are they helping them build nuclear weapons?

    Lowes reported better than expected earnings and even raised its full year future outlook. Hurricane Irene helped with this quarter's profits as consumers went to the do-it-yourself store to repair their homes. Net income fell to $225 million from $404 million but sales rose 2.3% to $11.85 billion. It was expected that Lowes would bring in $11.69 billion. Lowes is shutting down some if its stores because the housing market and a weak economy has dampened profits over the past 4 years. (3)

    1) http://www.cnbc.com/id/45286104
    2) http://www.cnbc.com/id/45283751
    3) http://www.cnbc.com/id/45285259

    [​IMG]
    ***chart courtesy Gecko Software’s Track n’ Trade Pro
    Past performance is not necessarily indicative of future results.


    Disclaimer: Past performance is not indicative of future results. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Fundamental factors, seasonal and weather trends, daily news, and other current events may have already been factored into the markets. The use of stop loss or contingent orders may not protect profits and may not limit losses to the amount intended. Certain market conditions make it difficult or impossible to execute such orders.