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Happy Thursday!
My buddy, Jean-Claude Trichet comes through as expected with a .50 basis-point cut that has been literally “priced-in” to the market.
We did have a slightly delayed little sell-off that hit our magenta trendline here on the 5-Minute view, so we may simply consolidate here a bit up until the Trichet Press Conference comes out with [...]
A reported joint venture between Citigroup and Morgan Stanley prompts worrying questionsON HIS appointment as Citigroup’s chief executive, just over 12 months ago, Vikram Pandit set great store by taking a systematic route to working through the bank’s problems. The results have not been hugely successful. Citi’s share price stood at a measly $6.75 on Friday January 9th, a drop of more than 75% over the past 12 months. To judge by widespread reports, conspicuously undenied, of a planned merger between the brokerage arms of Citi and Morgan Stanley, Mr Pandit now appears to hav
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e ditched the methodical approach. Spinning out Smith Barney, the bank’s brokerage arm, would constitute an abrupt swerve. As recently as November, Mr Pandit heaped praise on the brokerage arm and told staff that he did not want to sell the business. Smith Barney is hardly one of the “legacy assets” he identified as being ripe for offloading when he took over. (Nor, for that matter, is Banamex, a Mexican bank that was, until the downturn, a profit machine, which Citi is also said to be thinking about selling.) The brokerage accounted for a sixth of group revenue in the first nine months of 2008 and is a relatively stable source of income in an environment of unprecedented volatility. ...
Hello Again!
Our Euro staged a nice bounce off of major Support at the 1.3075 area and if we look at the Hourly view here…our Daily .23.6%  @1.3203 is capping Price and acting as an intraday resistance level.
( Post-Time is 14:40 GMT)
(click once for the captures)

On the 5-Minute…we see our 1.3136 Area of Support now acting as [...]
Happy Friday Everyone!
Well, we made through as rather tumultuous week…full of event risk, averse sentiment, and counter-intuitive Price behavior!
Our “Dollar and Yen Strength Game” on Muscle Beach is still moving along, despite Euro & Company crowding the beach with events and the spotlight…so let’s have a look at the “Super-Heavyweight Match” of them all…Dollar Yen!
But CVJ!…All [...]
And the rain descended, and the floods came, and the winds blew, and beat upon that house; and it fell: and great was the fall of it“TOO big to fail, too shit to buy” is the way some Citigroup insiders describe their employer. Not for much longer. On January 13th Citigroup announced that it had reached a deal to spin out Smith Barney, its broking arm, into a joint venture with Morgan Stanley’s broker. The agreement presages even more dramatic changes. The bank has brought forward its fourth-quarter results to January 16th and expectations are high that Vikram Pandit, CitiR
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17;s chief executive, will unveil plans to slim the bank further and faster. The Smith Barney deal is already a watershed. As recently as November, Mr Pandit heaped praise on the broker and said he did not want to sell it. No wonder. Citi’s wealth-management business, of which Smith Barney is a big part, was the only one of its main divisions to post a profit in the third quarter. And it sat snugly with Citi’s universal-bank model, endorsed by Mr Pandit just weeks ago, of offering a full array of services to customers. ...
Hi again, Everyone!
Despite the U.S. CPI coming “relatively in line”, the TIC Treasury Outflows Data atrocious , and Capacity Utilization and Industrial Production down… we are still making a decent bounce in our major “Match” of the Dollar Yen.
Here is our same Daily view from my previous Post…and we are grinding out some daylight here with the Dollar bounce off of Support.
Be [...]
A business plan that misreads the banks’ dilemmaLORD MANDELSON, the business secretary, has long complained that credit-crunched banks are not lending enough to small and middling businesses. His earlier efforts to find credit for small firms (GBP1 billion—$1.46 billion—of help for small exporters and the like) were clearly not enough: companies are going bust and shedding jobs with increasing frequency. So on January 14th his Department for Business, Enterprise and Regulatory Reform (BERR) launched another gallant attempt to get more credit flowing.Under BERR’s new sch
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eme, the government will guarantee 50% of up to GBP20 billion-worth of bank loans to companies with less than GBP500m in annual turnover. Bankers will keep the job of assessing credit, proffering to the government portfolios of qualifying loans (mainly short-term support for working capital to keep firms ticking over). In exchange for the guarantee, banks are to pay a premium and promise to lend money to other firms to which they would not otherwise have extended credit. Smaller schemes will be set up too: in one, the government will guarantee three-quarters of the financing for GBP1.3 billion in small-company loans; in another it will provide two-thirds of a GBP75m fund co-sponsored by banks to swap debt for equity in small firms. Lord Mandelson says he will return to the attack to assist big companies and ease credit insurance, which helps firms maintain their supply chains. ...
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