Now I don’t want to cry chicken little here, but the sky is really falling. JPM missed, thanks to a massive trading shortfall, for the first time in 15 quarters, and the retards from WFC ran out of fraudulent ways to beat their estimates. As a result, the futures, which were swimming higher before I went to bed last night, have now turned lower. Gains have been REVOKED and buy the dipFAGS BTFO.
JPMorgan Chase misses by $0.21, misses on revs
Wells Fargo prelim Q4 $1.21 vs $1.18 S&P Capital IQ Consensus Estimate; revs $20.98 bln vs $21.80 bln S&P Capital IQ Consensus Estimate
Normally I ‘d suggest that a miss at JPM isn’t a big deal, but it sort of is, when considering the fact they are the best bank in the US. If they’re doing ‘poorly’ in this environment, how do you suppose C is doing now?
Nasdaq futures are still higher by 25 and WTI is +1.5%, all bullish for stocks. I’ll be taking my cue from the bond market, specifically looking at the 10yr, which is now yielding 2.69%, down 2bps for the day. BAD.
European markets are mostly down to flat and the buyers look exhausted up here. Let’s see how the first hour of trade is before making any grande assumptions.Comments »