Courtesy of Jesse’s Cafe Americain
A very volatile day on Wall Street as stocks came in higher from the overnight trade, but then lost their early gains and dipped much lower led by the Bank of America which is rumoured to be in trouble.
Stocks recovered their losses to be almost unchanged, but a late breaking story from Reuters quoted a ‘government source’ that Goldman Sachs CEO Lloyd Blankfein has retained an attorney, Reid Weingartern, from the White Collar Criminal Defense group at Steptoe and Johnson. Goldman plunged more than 5 percent on the news.
The action may be related to a subpoena received from Justice regarding the Carl Levin report, and possible perjury charges. Lloyd Blankfein is a Harvard Law School graduate himself, and is reputed to have a very smart legal mind. He could be acting out of an excess of caution. It is hard to imagine the Obama Justice Department actually DOING anything to any of the pampered princes of Wall Street.
Once again the market are near the pivots and key support. Most likely a big move is hidden somewhere in the cards for this market.
