The Markets

• The stress test numbers were released pretty much according to the whisper: $75 billion needed.  Traders took profits after the close but not universally.  Banks are becoming differentiated; good and not so good.  Examples,  Good: BAC, BBT*.  Not so good: WFC, STI.
• To put them in compliance several banks have announced equity offerings worth billions and billions.  Hmmm, wondering who is going to sop these up.
• The market seems to have flipped, at least a little, to sell the news, don’t buy the dips.  This is likely to flip on a moment’s notice, so be nimble.
• Sold my Canadian bank stocks and want to buy them back.  But gains of 8%-18% were too appetizing.  And, I got cold feet as the morning wore on.
• Got killed on AT&T but still above water, barely.  And I want that divi.
• GE continues to march on as investors ignore potential Eastern Europe malaise, Immelt imploding and non-financial earnings declining by 26% last quarter.  Am still long, but nervous.
• The commonly discussed strategy is to sell now, wait until everything corrects in a week or two then re-establish positions.  Not a bad concept.

Make it a great evening!

*Bought today and am hedged with a reverse ETF.