Banks, Banks, and More Banks.

Financial Stocks are trading like there is definitely an end game coming soon.

For example:

WFC down 17.6%
USB down 16.12%
BAC down 10.54%
PNC down 13%
STT down 11%
STI down 11.26%
ZION down 14.41%
FITB down 12%
RF Down 13%
HBAN down 10%
BBT down 10%
MI down 17%
CMA down 14%
BCS down 25%
COF down 12%

You get the picture.

If you read my previous post about Obama's lack of aggressiveness in regards to the Banking Crisis, you will understand that the market will eventually make the decision for him much easier. It doesn't have to be this way, but with Obama and Geithner still screwing around, the market is just going to continue to re load on the sell side of not only the financials but every sector.

The losses are just stunning. Pretty soon stunning will turn to numbing.

Then numbing will turn to crying.

Crying will turn to......???

More in dept stuff on the banks soon.

Random Thoughts

I think a lot of today's weakness is also traders and investors trying to get ahead of tomorrows Non Farm Payroll Data Report, which will be an ugly number once again. Any type of positive news will have the markets soaring, but when was the last time we had positive things to say about employment?

The ECB and BOE cut rates....AGAIN! The ECB cutting 50 bps to 1.5% The BOE cutting to .50%. Is there a race to who goes to Zero First?

When will they realize that low interest rates are not the problem? Low interest rates and free/easy money put us in this mess, why would it fix it. Give an alcoholic more Vodka on the rocks, in the hope he stops drinking?

News that GM will liquidate under chapter 7?....This will never happen....Repeat...Never happen!...The country can't let GM be liquidated. Either GM reorganizes under chapter 11 or more money is pumped in. I think that chapter 11 is more of a alternative then chapter 7....which again is total liquidation...What would be gained from total liquidation?

Wal Mart posted excellent same store sales figures for Feb. The stock is rallying although off its highs of the day. Does this bode well for the general economy? People do say that Wal Mart is a general proxy for the economy.

Keep The Faith please...It will be worth it.