Morning Morsel–Tax on Banks and Google Goes Rogue

Well the financials were working on a heck of a breakout aided  by a bullish trend line until Congress announced yesterday that they want to put a $100 billion tax on 20 of the biggest TARP recipients. It’s $100 billion over ten years, shouldn’t be a problem because like everything else they will pass it on to us. The bodies are still warm but the innate desire to tax was just too overwhelming for the folks on the Hill I guess. The XLF got hammered yesterday.

Google is standing up to China and may pull out, that’s excellent news for BIDU.

Alcoa’s earnings kicked us off on Monday and they didn’t impress anyone. We now take a rest until the real flurry of earnings start next week. Heads up though, JPM reports on Friday before the open.

Was yesterday just a confluence of bad news or will the sell off gain traction? I think it will get shaken off. There still seems to be a bid underneath this market and the dip buyers usually show up.

Wednesday, January 13, 2010

10:30 DoE Crude Oil/Gasoline/Distillate Inventories
13:00 Treasury’s 10-yr note auction
14:00 Fed’s Beige Book, Dec Monthly Budget Statement (last $51.8B)
12:30 Fed’s Evans to to speak in Iowa. MON R&D update. MBA Mortgage Applications (7:00, last 0.5%). Trades Ex-dividend: ABT $0.40.
Before the Open: None seen. After the Close: CLC, ZZ.
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