NAB 0.11% $27.06 national australia bank limited

us banks smashed

  1. 144 Posts.
    I posted this yesterday when responding to a general heading - given its potential significance I thought it appropriate to repost this under one of the banks...

    "the Dow was down a lazy 0.8% on Friday night but the banks were SMASHED on big volumes....

    JP Morgan DOWN 4.8%
    Citigroup DOWN 3.0%
    Bank of America DOWN 2.2%

    Similarly Fannie May and Freddie Mac continued their downward spirals. These movements were driven on fears of large bond losses as the banks scramble to hedge thier portfolios in the wake of the US bond market collapse. Shades of what we saw in 1998 with Russian Bonds and concerns of systemic failure again??

    It will be interesting to see how our banks perform on Monday - if these concerns of systemic issues in the American banking system start to cause some declines in our banks as we saw in 1998."

    I would be interested in the comments of others regarding the banks - either from a technical or fundamental viewpoint. For mine, the fact that (apart from WBC) they could not rally when the market has had a good strong week suggests that they have run out of steam and are susceptible to falls - the sellers just waiting for a reason to sell and hardly anyone prepared to buy?


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