Inside Job

I don’t know how this could be good, but it follows news this week of foreclosure fraud on the part of B of A, Citi, and so many others.  If this gets serious and huge banks do into receivership (not likely), then we should see banks lead the market south – again.

FDIC Called On To Put Bank Of America Into Receivership

Timing?  Who knows, but 11/2 is symbolic in many ways, so keep an ear out for anything disruptive on this front in the next few trading days.  I still think we are in need of a cycle high in the markets at least, and we just finished our 8th week in a row of higher highs and higher lows (In China, 8 is a very important number, and is commonly referred to when markets get to such extremes – both down and up).

Have a good weekend and let’s see what, if anything, comes out of the G20.

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About thefront9

Independent trader with a flexible approach to the markets. Position trading, swing trading and day trading using Futures, Equities and Options. This site is intended to help others (and myself) see what I see and to stay true to the discipline of making trades at the extremes. Contrarian and TastyTrade addict! Living in Texas with my family, helping others and maybe playing some golf from time to time makes life busy and great. Add a little music and humor and that just about sums it up. Trade the extremes and manage risk.....always!
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