Monday, April 20, 2009

Stock Market Catalyst?

April 20 (Bloomberg) -- Citigroup Inc.’s credit losses are growing at a “rapid rate,” undermining Chief Executive Officer Vikram Pandit’s efforts to stabilize the U.S. bank, according to Goldman Sachs Group Inc.

While Citigroup posted first-quarter net income of $1.6 billion last week, the New York-based bank suffered an “underlying” loss of 38 cents a share, Richard Ramsden, a Goldman Sachs analyst, wrote in a research note dated yesterday. He repeated a “sell” rating on the stock.

The markets are as fragile as I've seen them since 12,000. Just don't forget I was wrong. I didn't think the Dow could spend more than a few days above 8000 either.

McClatchy delisting is another event that might start a rapid decline.

No one can tell ahead of time what will prove the catalyst. The mind boggling lack of concern over all the government missteps in their misguided policies hasn't seemed to impact the markets for but one instance.

1 comment:

Agent #777 said...

Let me be the first to say that my SRS option is severely underwater, so I hope you are right, and soon!