For a 2nd day, volume in the financials are an extraordinary percentage of overall NYSE trading. Today, Citi and Bank America alone are 25% of total consolidated NYSE volume. Yesterday, Citi was part of a rebalancing and was the excuse for the large volume but amazingly, volume today is almost tracking yesterday’s pace.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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August 6th, 2009 at 2:39 pm
Just a guess, but possibly Goldman Sachs is active with this group at their proprietary trading desk?
Either that or the Sultan of Dubai is doubling down on his Citipoop.
August 6th, 2009 at 3:28 pm
Could it possibly be GS and the other big banks getting out of long positions amidst the euphoria of the market only to be selling to the average joe who is trying to get back in after missing out on a 50% rally?
August 6th, 2009 at 3:56 pm
Banks buying banks. Prince ALL-WALLY wants more shares of Shittigroup
August 6th, 2009 at 8:41 pm
Jim Cramer gave a strong endorsement to Citibank today. He also gave BAC an honorable mention. Cramer values C at $6 and sees it going to $12. I wonder if these are setting up to be the dump half of pump-n-dump? Or maybe we are still in the pump phase with the dump to follow later? It will be interesting to watch.
August 6th, 2009 at 11:50 pm
Do you think the Russian subs made any difference in activity?
August 7th, 2009 at 10:36 am
Well Shitti may be a good buy.
They get free money from the fed and all their bad loans are backstopped by the gov.
How can they lose?
August 31st, 2009 at 2:31 pm
[...] Reader Brian adds a very interesting perspective, indicating that he’s watched TRIN and C side by side and has seen a very strong correlation. When C flips from up to down (or vice versa), there is a corresponding huge move in TRIN. This could only be the case if a stock like C comprised a large share of total NYSE volume, which indeed seems to be the case, as noted by The Big Picture blog. [...]