Big Cap Financials Are Frightening

By: TraderMark Wednesday, November 19, 2008 2:52 PM

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I wrote in this week's summary

Last, the action in financials is beginning to worsen again - despite all our tax dollars funneled into their back pockets. Citigroup (C) and Goldman Sachs (GS) look like death the past two weeks, and General Electric (GE) with its large finance arm doesn't look much better. Worrisome.

The action in Citigroup (C) is just plain scary considering it is our largest banks (by assets, not by market capitalization).

Bank of America (BAC) is beginning to fall off a cliff - I can understand that one too due to their Countrywide exposure.... but.... JPMorgan (JPM)?? The company the US government leaned on for the Bear Stearns and Washington Mutual buyouts is now dropping like a rock. These are part of the Government's Chosen 9 (Oct 13: US Reveals the Chosen 9) and 2 of Ken Heebner's top 4 positions.

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