Posts Tagged ‘bank failures’

Former Bank Regulator William Black: U.S. Using “Rally Stupid Strategy” to Hide Bank Losses – Will Produce Japanese Style Lost Decade

Former Bank Regulator William Black: U.S. Using "Rally Stupid Strategy" to Hide Bank Losses – Will Produce Japanese Style Lost Decade

William K. BlackCourtesy of Mish 

Aaron Task has a nice interview with former bank regulator William Black on our "Really Stupid Strategy" to Hide Bank Losses"

109 U.S. banks have failed so far this year, 23 in this quarter alone. These failures may not cost depositors, but they do come at a steep cost to the FDIC. As discussed here with ValuEngine’s Richard Suttmeier, the FDIC Deposit Insurance has already spent $18.93 billion this year, “well above the $15.33 billion prepaid assessments for all of 2010.”

The situation is likely even worse than the FDIC portrays, says William Black Associate Professor of Economics and Law at the University of Missouri-Kansas City.

“The FDIC is sitting there knowing that it has both the residential disaster and the commercial real estate disaster [and] knowing it doesn’t have remotely enough funds to pay for it,” he says.

William Black with Aaron Task Video

Partial Transcript

Aaron Task: Should we be surprise there are not more bank failures?

William Black: Not Surprised,we should be upset there are not more bank failures. The industry has used its political muscle to get Congress to extort the financial accounting standards board to gimmick the accounting rules so that banks do not have to recognize their losses.

Aaron Task: In practical terms, what does the gutting of that rule mean for the banks?

William Black: Capital is defined as assets minus liabilities. If I get to keep my assets at inflated bubble values that have nothing to do with their real value, then my reported capital will be greatly inflated. When I am insolvent I still report that I have lots of capital.

Aaron Task: You are saying the FDIC is intentionally keeping foreclosures down because it knows it does not have enough money to pay off depositors who are insured by the FDIC?

William Black: That is correct and that is going to make ultimate losses grow. It also means we are following a Japanese type strategy of hiding the losses and we know what that produces – a lost decade, which is now two lost decades. Your listeners and viewers if they are stock types, look at the Nikkei. It lost 75% in nominal terms and has stayed that way for 20 years. I…
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Five More Failed Banks Cost US Government an Additional $334 Million in Losses

Five More Failed Banks Cost US Government an Additional $334 Million in Losses

Courtesy of JESSE’S CAFÉ AMÉRICAIN

The losses from the mortgage securities frauds and the subsequent bubble collapse continue to debilitate the US financial system, particularly the regional banks, in a slow bleed costing the US government additional millions each week. The public relations campaign promoting the idea that the bank bailouts are done and successful, and that the US made money on this egregious abuse of public monies is patently false, and probably can be described as corporatist propaganda.

The banks continue to mount a campaign to resist reform and regulation. They are taking advantage of the weakness of the Obama administration in failing to reform the banking system through liquidations and managed bankruptcies, including indictments and investigations as was seen in the Savings and Loan scandal.

It is difficult to continue to assume good intentions in this administration, or even mere incompetence. The objections put up by Geithner and Summers to the appointment of Elizabeth Warren as the head of the new consumer protection agency shows how reactionary they continue to be, and resistant to fundamental reforms.

American Banker
Failures on Two Coasts Stretch Toll for Year to 108

By Joe Adler
Friday, July 30, 2010

Five bank closures in four states Friday cost the federal government an additional $334 million in losses.

Regulators shuttered the $373 million-asset Coastal Community Bank in Panama City Beach, Fla., the $66 million-asset Bayside Savings Bank in Port Saint Joe, Fla., the $168 million-asset NorthWest Bank and Trust in Acworth, Ga., the $529 million-asset The Cowlitz Bank in Longview, Wash., and the $768-asset LibertyBank in Eugene, Ore. The failures brought the year’s total to 108.

The hammered Southeast bore the brunt of the failure activity, as it has for so many Fridays since the financial crisis began. Twenty banks have been seized in Florida in 2010, while 11 have failed in Georgia so far this year.

The two Florida institutions that failed Friday went to one buyer: Centennial Bank in Conway, Ark. The acquirer agreed to take over Coastal Community’s $363 million in deposits, Bayside Savings’ $52 million in deposits and roughly all of the assets of both institutions.

The Federal Deposit Insurance Corp. agreed to share losses with Centennial on $303 million of Coastal Community’s assets, and $48


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FDIC Holds off Raising Bank Insurance Premiums, Expects Bank Failures to Peak in 2010

FDIC Holds off Raising Bank Insurance Premiums, Expects Bank Failures to Peak in 2010

FDIC bank planCourtesy of Mish 

The Wall Street Journal reports FDIC to Delay Bank Plan.

The Federal Deposit Insurance Corp. said it would put off a planned premium increase on banks as it held steady its projected losses for the government fund that covers bank deposits.

The FDIC staff on Tuesday advised the agency’s five-member board to delay a premium increase of three one hundredths of a percentage point scheduled for Jan. 1 because it expects bank failures to begin trailing off next year. The higher assessments will be put off until some unspecified date.

The FDIC expects bank failures to begin to peak this year. It has set aside $40 billion to cover failures from March 2010 through March 2011. Beyond five years, the FDIC expects the pace of bank failures to return to the very low levels that preceded the financial crisis.

In 2008, the FDIC adopted a plan to rebuild its fund in order to restore the ratio of reserves to covered deposits above 1.15%--the minimum required by law. By 2012, the FDIC expects its deposit insurance fund to turn positive again, with the reserve ratio rising above the statutory minimum by the first quarter of 2017.

The whole banking system is still insolvent and will remain insolvent for years to come. That the FDIC will at some point simply choose to pretend that banks are well capitalized and the economy will eventually bail them out is not surprising.

Nearly everyone is overly optimistic on how the rest of this decade will play out in terms of jobs, corporate profits, and bankruptcies.

Mike "Mish" Shedlock

Picture credit: Jr. Deputy Accountant 


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One Tenth of US Banks Now on FDIC’s “Problem” List

One Tenth of US Banks Now on FDIC’s "Problem" List

Courtesy of Jr. Deputy Accountant 

Or so says the WSJ:

A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.’s list of "problem" institutions in the first quarter, as bad loans in the commercial real-estate market weighed on bank balance sheets.

Poor loan performance in other sectors also continued to hurt banks, with the total number of loans at least three months past due climbing for the 16th consecutive quarter, FDIC officials said in a briefing on Thursday.

"The banking system still has many problems to work through, and we cannot ignore the possibility of more financial market volatility," FDIC Chairman Sheila Bair said.

There were 702 on the FDIC’s "problem" bank list at the end of 2009 and 252 at the end of 2008.

Looks like Bank Fail Friday is on for the foreseeable future! 


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Texas Ratios, Capitalization Ratios, 30 Day Late Loans of Recently Failing Banks

Texas Ratios, Capitalization Ratios, 30 Day Late Loans of Recently Failing Banks

Courtesy of Mish 

Inquiring Minds just may be interested in the Texas Ratios, capitalization ratios, and percentages of 30 day late loans or higher at recently failed banks.

Texas Ratio Definition

The Texas ratio is a measure of a bank’s credit troubles. Developed by Gerard Cassidy and others at RBC Capital Markets, it is calculated by dividing the value of the lender’s non-performing assets (Non performing loans + Real Estate Owned) by the sum of its tangible common equity capital and loan loss reserves.

In analyzing Texas banks during the early 1980s recession, Cassidy noted that banks tended to fail when this ratio reached 1:1, or 100%. He noted a similar pattern among New England banks during the recession of the early 1990s.

Bank Failures 2010-04-30

Westernbank Puerto Rico: 136%
Total Capital: 8%
Total Capital% minus (30+ days late or more / Total Assets): -7%

Eurobank Puerto Rico: 213%
Total Capital: 4%
Total Capital% minus (30+ days late or more / Total Assets): -10%

R-G Premier Bank of Puerto Rico: 270%
Total Capital: 6%
Total Capital% minus (30+ days late or more / Total Assets): -19%

CF Bancorp (MI): 421%
Total Capital: -1%
Total Capital% minus (30+ days late or more / Total Assets): -10%

Champion Bank (MO): 344%
Total Capital: 2%
Total Capital% minus (30+ days late or more / Total Assets): -19%

Champion Bank (MO): 194%
Total Capital: 2%
Total Capital% minus (30+ days late or more / Total Assets): -6%

7 Bank Failures Cost FDIC About $7.4 Billion

The above 7 bank failures will take a $7.4 billion bite out of FDIC deposit fund.

Emergency Powers Stabilize Puerto Rico Banks

Inquiring minds are reading Puerto Rico Banks Seized as Regulators Waive Deposit Limits.

Regulators used emergency powers to stabilize Puerto Rico’s banks, putting almost a third of the U.S. territory’s deposits in Popular Inc. and giving control of another lender to a Canadian firm.

Deposit limits were waived to allow Banco Popular of Puerto Rico to hold $19.5 billion, or 31.4 percent of the island’s total, after its purchase of Westernbank Puerto Rico, the Federal Reserve said yesterday in a statement. Three banks on the island were shut at a cost to the Federal Deposit Insurance Corp. of $5.3


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Eight Banks Fail; Canada’s Second Largest Lender Buys Three Of Them

Eight Banks Fail; Canada’s Second Largest Lender Buys Three Of Them

Courtesy of Mish 

It’s bank failure Friday and today was no disappointment. Today regulators stepped up to the plate with Eight Bank Seizures as the number of failures in 2010 hits 50.

U.S. regulators on Friday seized eight banks with assets totaling more than $6 billion, raising the tally this year to 51 failed banks and adding to the carnage of small institutions that is expected to peak this year.

The eight banks were the most authorities closed since nine were seized last October.

The failed banks were spread across the United States, from Washington state and California to Massachusetts and Florida. Banks have been failing at a consistent pace as the industry still works through large portfolios of troubled mortgages and commercial real estate loans.

The Federal Deposit Insurance Corp said the eight banks that failed were:

  • City Bank of Lynnwood, Washington, with assets of about $1.13 billion
  • Tamalpais Bank of San Rafael, California, with assets of $628.9 million
  • First Federal Bank of North Florida of Palatka, Florida, with assets of $393.9 million
  • AmericanFirst Bank, of Clermont, Florida, with assets of $90.5 million
  • Riverside National Bank of Florida, with assets of $3.42 billion
  • Butler Bank of Lowell, Massachusetts, with assets of $268 million
  • Lakeside Community Bank of Sterling Heights, Michigan, with assets of $53 million
  • Innovative Bank of Oakland, California, with assets of $284 million.

The recovery of the bank industry is lagging behind the recovery of the overall economy, which is regaining footing after the worst financial crisis since the 1930s.

FDIC Chairman Sheila Bair recently said bank failures will likely peak in the third quarter of this year.

Toronto-Dominion Buys Three Failed Banks

Inquiring minds are reading Toronto-Dominion Buys Three Failed Banks as 2010 Toll Hits 50 

Toronto-Dominion Bank, Canada’s second-largest lender, agreed to buy three Florida-based financial institutions as those and five other failures brought the number of 2010 closures to 50.

“These were all in locations that were in our master plan,” for new branches, Toronto-Dominion Chief Executive Officer Edmund Clark said yesterday in a telephone interview. “It would have taken us five years to have built that many branches, so it just speeds up our development.”

Lenders are collapsing amid losses on residential and commercial real estate loans which pushed the FDIC’s list of “problem” banks to the


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Lehman chief warns of more big bank failures

Lehman chief warns of more big bank failures

Courtesy of Edward Harrison at Credit Writedowns 

Lehman Head Bryan Marsal has warned that Wall Street had not learned its lesson in the credit crisis and that another megabank bankruptcy is likely. Marsal made the remarks while in Berlin for a bankruptcy conference in an interview with German business daily Handelsblatt, which I have translated below. A link to the full German text is provided at the bottom of this post. His comments serve as a reminder that the megabanks are still too large and complex, and, therefore pose a risk to the entire global banking system.

Text of the interview

Handelsblatt: you are handling the largest bankruptcy in human history. Can anything like this happen again?

Bryan Marsal: It is even likely that a case like Lehman’s will repeat itself – in any event, as long as nothing fundamental changes in financial regulation and in financial institutions. Wall Street has not really learned a lot from the situation. There is still too much leverage in the market, and credit default swaps remain completely unregulated. Even with regulators and in the companies little has been done after the global catastrophe.

HB: But financial regulators around the world are now pulling in the reins …

Marsal: Oh, really? That’s just for show. The regulators are overworked and underpaid. Someone who earns $80,000 a year cannot seriously compete with someone who gets $400,000 for finding ways to get around the system. And so far no one from the regulators at the SEC, at the FDIC or our government has asked  how the Lehman collapse could have been avoided and what countermeasures could be taken to prevent a recurrence.

HB: So David loses to Goliath?

Marsal: I wouldn’t put it that way. In Canada, for example, you have to put up at least 25 percent equity to finance your own home. The banks finance no more than three quarters of the money. If we had such a rule in the U.S., there would never have been the massive mortgage-speculation in the years from 2005 to 2007.

HB: What should have been done?

Marsal: You see, Lehman


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Elizabeth Warren on the Coming Commercial Real Estate Crisis; 3000 Community Banks at Risk

Elizabeth Warren on the Coming Commercial Real Estate Crisis; 3000 Community Banks at Risk

Courtesy of Mish 

Here are a couple of stories similar to thousands playing out across the country, and tens of thousands more to come. The second article gets to the heart of the upcoming commercial real estate bust.

The Minneapolis Star Tribune is reporting Brookdale Mall sold at auction for big markdown.

A sheriff’s foreclosure auction produced just one bid — from the mall’s mortgage-holders, who bid $12.5 million.

Photo By Glen Stubbe, Star Tribune

Brookdale Center went on the auction block at a sheriff’s foreclosure sale Friday, netting just one bid of $12.5 million from the shopping mall’s lenders.

The bid from Brookdale Mall HH LLC was well below the $51.8 million owed on a $54.2 million mortgage by the property’s owners, Brooks Mall Properties of Coral Gables, Fla.

Sears is its sole remaining anchor. In the last couple of years Macy’s, Barnes & Noble and Mervyn’s have all closed their stores. The mall also has lost other key tenants, such as Steve & Barry’s. Almost 60 percent of its space is vacant, according to recent figures from NorthMarq.

Commercial Real Estate Crisis Coming

The following story headline masquerades as a local (D.C.) problem but the real story buried in the article is a few select quotes from Elizabeth Warren.

Please consider In D.C., more evidence that commercial real estate headed for foreclosure crisis.

A mortgage crisis like the one that has devastated homeowners is enveloping the nation’s office and retail buildings, and few places are likely to be hit as hard as Washington.

The foreclosure wave is likely to swamp many smaller community banks across the country, and many well-known properties, including Washington’s Mayflower Hotel and the Boulevard at the Capital Centre in Largo, are at risk, industry analysts say.

"There’s been an enormous bubble in commercial real estate, and it has to come down," said Elizabeth Warren, chairman of the Congressional Oversight Panel, the watchdog created by Congress to monitor the financial bailout. "There will be significant bankruptcies among developers and significant failures among community banks."

Nearly 3,000 community banks — 40 percent of the banking system — have a high proportion of commercial real estate loans relative to their capital, said Warren, whose committee issued a report on commercial real estate last week. "Every


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Bank Failure Friday

Queen – ‘Another One Bites the Dust’

SIX MORE BANKS BITE THE DUST IN 2010.

Courtesy of IntheMoneyStocks

The six bank failures in the U.S. are listed below: 
  
American Marine Bank, Bainbridge Island, WA
First Regional Bank, Los Angeles, CA
Community Bank & Trust, Cornelia, GA
Marshall Bank, Hallock, MN
Florida Community Bank, Immokalee, FL
First National Bank of Georgia, Carrollton, GA

Source: www.fdic.gov

 


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Seven Banks Fail, 140 YTD total, Sheila Bair “prepared to handle an ever-larger number of bank failures next year”

Seven Banks Fail, 140 YTD total, Sheila Bair "prepared to handle an ever-larger number of bank failures next year"

bank failureCourtesy of Mish 

A total of 140 banks have failed year to date and FDIC Chairman Sheila Bair is adding staff, prepared for even more failures next year.

Please consider Seven U.S. Banks Are Seized, Raising Year’s Failure Toll to 140

Seven U.S. banks were seized by regulators today, bringing this year’s total of failed lenders to 140 as financial companies are tested by the recession and the Federal Deposit Insurance Corp. anticipates more shutdowns.

Banks with $14.4 billion in total assets were closed in six U.S. states, the FDIC said in statements on its Web site. The agency is overseeing the dissolution of banks at the fastest pace in 17 years.

Earlier this week, the FDIC boosted its 2010 budget by 56 percent to $4 billion to manage further shutdowns. The total budget will increase from $2.6 billion and the set-aside for bank failures doubles to $2.5 billion over this year, according to a proposal approved by the FDIC board. The agency staff will increase to 8,653 next year from 7,010 this year.

The budget “will ensure that we are prepared to handle an ever-larger number of bank failures next year, if that becomes necessary,” FDIC Chairman Sheila Bair said in a statement. Today’s bank closings will cost the agency about $1.8 billion, according to the FDIC statements.

U.S. lenders are buckling under the weight of loans tied to commercial real estate, which is plummeting in value. Prices have dropped 43 percent from their peak in October 2007, Moody’s Investors Service said last month.

Sheila Bair, tooting Obama’s horn, complains banks aren’t lending enough.

Looking for a reason banks aren’t lending? Here is one reason in pictorial form.

Assets at Banks whose ALLL exceeds their Nonperforming Loans

The above chart courtesy of the St. Louis Fed.

Because allowances for loan losses are a direct hit to earnings, and because allowances are at ridiculously low levels, bank earnings (and capitalization ratios) are wildly over-stated.

Here is an interesting note from the Fed. "For each size category, the sum of all assets held by banks where this ratio is greater than one is divided by the sum all assets held by banks in the class."

In other words, banks whose allowances are
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Phil's Favorites

What Selloff?

 

What Selloff?

Courtesy of , at The Reformed Broker, originally posted on January 25, 22

Retail traders panicked yesterday. Not all, obviously, but they dumped their shares as a group. Here’s Bloomberg:

In a spasm of panicked selling early Monday, retail investors offloaded a net $1.36 billion worth of stock by noon, most of it in the first hour, according to data compiled by JPMorgan Chase & Co. strategist Peng Cheng. By his estimate, s...



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Politics

It's just a 'panic attack' - Russian media blames US for escalating Ukraine crisis

 

It’s just a ‘panic attack’ – Russian media blames US for escalating Ukraine crisis

A live broadcast of Russian President Vladimir Putin speaking is shown on Dec. 23, 2021, from a media control room in Russia. Eric Romanenko/TASS via Getty Images

Courtesy of Cynthia Hooper, College of the Holy Cross

As Western news outlets warn of a “countdow...



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ValueWalk

Bitcoin's Major Topping Pattern is Now Complete

By Louis Navellier. Originally published at ValueWalk.

For weekend reading, Louis Navellier offers the following commentary:

Q4 2021 hedge fund letters, conferences and more

A Head And Shoulders Top For Bitcoin

Two months ago, I saw a euphoric climax in bitcoin, which I didn’t like. The futures ETF had just launched, and they were running those commercials starring Matt Damon on CNBC for crypto.com invoking Fortuna,...



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Kimble Charting Solutions

Lumber Price Peak Would Raise Concerns For Equities!

Courtesy of Chris Kimble

The supply chain has dealt with several issues over the past couple of years, as consumers and businesses have been forced to navigate a tricky “COVID” landscape.

Commodity prices (in general) have risen, while enduring some big swings.

Today we look at a commodity that plays an intricate role for consumers, and perhaps the equities market as well. Lumber. When lumber prices are high, new homes and buildings cost quite a bit more.

Above is a “weekly” chart of lumber prices. As you can see, there have been times when a lumber peak/bottom have be...



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Zero Hedge

Canadian 'Freedom Convoy' Receives First GoFundMe Payment After Temporary Halt

Courtesy of ZeroHedge View original post here.

Update (Friday 0711ET): Organizers of the "Freedom Convoy" have "received confirmation that GoFundMe has released our first batch of funds" following reports Thursday, the c...



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Biotech/COVID-19

Is the omicron variant Mother Nature's way of vaccinating the masses and curbing the pandemic?

 

Is the omicron variant Mother Nature’s way of vaccinating the masses and curbing the pandemic?

Preliminary research suggests that the omicron variant may potentially induce a robust immune response. Olga Siletskaya/Moment via Getty Images

Courtesy of Prakash Nagarkatti, University of South Carolina and Mitzi Nagarkatti, University of South Carolina

In the short time since...



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Digital Currencies

Why do you need a Bitcoin ETF when they already made you one?

 

Why do you need a Bitcoin ETF when they already made you one?

Courtesy of 

Chart via Piper Sandler’s new note on Coinbase. They don’t think it’s trading as a proxy for Bitcoin but I know it is. Here’s their take:

COIN shares have performed in-line with bitcoin since reaching an all-time closing high on 11/9/21. COIN shares and the price of bitcoin (which we use as a proxy for broader cryptocurrency pric...



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Chart School

Bitcoin Swings Down to Support

Courtesy of Read the Ticker

Come on! Seriously do you think a 400% rally for Bitcoin was going to be given to the public easily. Without any pain! Come on muppets!



The uniformed (public) buy when price is rising or breaking new highs, the informed buy when price is falling or breaking lows.



The informed have to do it this way as they are large volume players and the only way they can buy large volume is to create chaos. The chaos brings to the market the weak holders and a forced sell. Price is moved to where the volume can be accumulated, in a bull trend that is down to critical support.



Of course if price is in a true bull market the 'chaos' created should not break critical long term trend signals, ...



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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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