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April: The Cruelest Month Yet For S&P Or A Turnaround?

Will April break the losing streak? The S&P is up 5 percent so far in April; but look what it's done the prior five months:

Nov. down 4.4%
Dec. down 0.9%
Jan. down 6.1%
Feb. down 3.5%
Mar. down 0.6%

The S&P has not seen six down months since 1981. Hold your breath.

Elsewhere:

Meredith Whitney at Oppenheimer is having none of this "it could have been worse" theory on big banks. She's still bearish. On Citigroup today she:

--Lowers ests.
--Says they are under pressure to cut/eliminate dividend.
--Says they will likely seek additional capital.

She also downgraded Wells Fargo, saying they are under-reserved for future losses.

My two cents on Bank of America ,which missed this morning: the bad news is asset quality continues to deteriorate, with nonperforming assets increasing in residential mortgages, home equity loans, commercial real estate. The good news is that they are building up their loan reserves in a very responsible manner, one reason the stock is only down 1.6 percent today.


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