Morning Morsel-Financials in Focus

The race is on for the fastest fall from grace in recent history. These two are one and two, I give Al Gore a strong number three followed by John Edwards at number four.

Congrats to Ben Bernanke for “Person of the Year” honors over at Time magazine, frankly didn’t know they were still in business. He’s done so much and proudly follows in the footsteps of one of our greatest thinkers, Alan Greenspan. Geithner should certainly grab second place honors and Lloyd Blankfein certainly deserves third place for all the great charity work and philanthropic efforts for his employees.

Citibank priced their deal at a big discount yesterday. The financials were strong for most of the day but they became very heavy late in the day and slid into the close. Bank of America found a new CEO and so far the reviews are luke warm.

Asia ended down and Shanghai was down about 2.4% overnight. The dollar is at multi month highs as problems in Greece are back on the front page. S&P downgraded the country yesterday.

The financials need to get a grip on things soon or this rally will be in trouble.

Meredith Whitney just downgraded estimates for GS and MS.

Thursday, December 17, 2009

08:30 Initial Jobless Claims (last 474K), Continuing Claims (last 5.157M), Canada Nov CPI
10:00 Nov Leading Indicators (last 0.3%), Dec Philadelphia Fed (last 16.7), Brazil rate decision
10:30 Natural Gas Inventories
BoJ Rate Decision. 10:00 Senate Confirmation Vote for Fed Chairman Bernanke. BCR Analyst Day. PLL Analyst Day. Trades Ex-dividend: HES $0.10, DTE $0.53, TIF $0.17, EQR $0.338.
Before the Open: ATU, DFS, FDX, GIS, MCS, PIR, RAD, WGO. After the Close: ACN, APSG, DRI, NKE, ORCL, PALM, ZQK, RIMM, SCS.
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