Financials Review for The Week of October 10, 2011

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The Financials Review
For the week of October 10, 2011

By Frank LaMantia

Banks seem to be leaving more money overnight with the European Central Bank rather than lend it to each other. Fear that banks could suffer large losses because of Greek default and possibly other nations has banks thinking twice. Dexia banks has been bailed out by Belgium, France, and Luxembourg. The stock is trading below $1 this morning. (1) AT&T said it has received over 200,000 preorders for the new Apple iPhone, Yahoo is looking to take the company private, and Superior Energy has agreed to purchase Complete Production for $2.7 billion. (2) Earnings are what Wall Street will be focused on for the next few weeks. Alcoa kicks off the start on Tuesday which is trading below $10. JP Morgan and Pepsi should be announcing their earnings towards the end of the week. (3) Consumers seem to be struggling due to salaries being cut. Some are doing two jobs for a lower salary. Who could blame them as healthcare, fuel costs, and food prices stay in territories that hinder the consumers' pockets? The S&P is up 18 points in the premarket on what news? (4) It is scary that these things happen because it shows the market is bullish and could break out even higher. Obviously, this trader thinks the market is not worthy of being this high. Banks are up due to the Drexion bailout but are they delaying the inevitable? Europe is up and this has crossed-over the U.S. markets. This could change quickly so please be alert today.


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