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I know, it wasn't exciting, but exciting wasn't what most traders were looking for. After a wild week, a quiet stable day was fine. There was no concerted attempt to sell off financials, and that is why it was a successful day for bulls.
The financial rally this week is a tough call. The good news is that the big three--Wells Fargo [WFC
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], JP Morgan [JPM
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], and Citi [C
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]--all delivered. There were no capital raises, no dividend cuts. Will that continue? Many regionals next week may challenge that assumption. Wachovia [WB
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] is the stock to watch, with earnings on Tuesday. There is new leadership there, but also problems: heavy exposure to housing, and there have been concerns about the possibility of a capital raise and/or a dividend cut.
The early bet is that we will be seeing a bifurcation, with companies with greater leverage undperforming higher quality names.
At the close, the CFTC reports that the net spec long position in the S&P 500 rose to the highest level since Dec '06.
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