Earnings Keep Rolling In

{+++}The earnings are coming in as expected for the most part, the bar is so low that it’s almost dull and anti climatic. Wells Fargo just reported and frankly I don’t get it, smoke and mirrors are everywhere on that one if you ask me. Did you know that since TARP went into effect the banks are lending 23% “less” to the consumer? I swear that every gun in Congress shoots backwards. Every time I try to synthesize what the government is trying to accomplish as they inject and insinuate themselves into our free market I just can’t help but think of the DMV and the Post Office. I trust Geithner and company as much as I trust Castro not to secretly video my hotel room when I visit Cuba someday.

I had a decent day yesterday with shorts primarily in ZION bank, I really believe that one will have problems going forward. My sentiment changed near the close and I traded some FAS long and was considering taking it home, but had a case of buyers remorse at about 4:01 and closed the position. I got lucky with an over the weekend hold with SRS, SPG and FAZ and I don’t want to get sloppy or over confident. It’s stil not time for making a habit of overnight holds and swings, at least by my way of thinking.

Don’t you wish your mortgage lender would refuse to take your mortgage payment just as the government is refusing to get repaid TARP funds? I’ll see you on twitter.

I’ll be watching the action in UTHR today, my recommendation is to always wait for an entry and avoid trading the open at all costs. It’s the wild west and not for those with weak stomachs.

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