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| The Buffett Floor | |
| The Dysfunction of Government | |
| Higher Dividend for Microsoft? |
| Fellow Investor, Well, summer trading is now over. Labor Day is past (I hope you enjoyed the holiday) vacations are done, and we should be getting back to full participation in the stock market. August, especially, is usually a very light volume month. But the one that just ended was an exception, as the near default, and S&P downgrade were met with extreme volume, and point declines.
So what do we have to look forward to, now that Fall trading is here?
Good question, and not an easy one to answer. The usual suspects - U.S. banks and European debt - are still at the forefront. And the situation for U.S. banks is getting worse.
I've been saying that Bank of America (NYSE:BAC) is broken for a little while. I was somewhat bullish on the bank, right up until proposed settlements for mortgage issues were rejected. That opens the door to higher liabilities for BofA. And really, we don't know how much higher the totals could be.
One thing is clear: the stock has fallen below the Buffett Floor today. The Buffett Floor is $7.14, the price where Buffett can exercise his warrants for 700,000 shares of BofA. For the stock to fall below that level is an indication that sentiment toward the stock is very poor.
The news last week that the Fed asked Bank of America for its contingency plan in the event that business conditions worsen is also not a good sign.
There is speculation that BofA will have to either sell or spin-off Merrill Lynch. News that clarifies this possibility is your next catalyst for BofA stock. And clearly, it would be better for the stock if BofA can keep Merrill... [continue reading at WyattResearch.com] | | Is America the next Greece?
Top analyst warns: "The United States is now in WORSE shape than Greece, Ireland, Spain, Italy or Portugal!"
Is he right? View his free video and judge for yourself. Warning: Content may be too disturbing for some viewers.
Click here to watch the new uncensored video. | | | | | | | | | Market Snapshot
| | US Markets - Sept 2 Close | Dow Jones | 11,240.26 | -253 | (-2.20%) | | S&P 500 | 1,173.97 | -30.45 | (-2.53%) | | Nasdaq | 2,480.33 | -65.71 | (-2.58%) | | Currencies | EUR/USD | 1.39 | -0.011 | (-0.758%) | | USD/JPY | 77.495 | +0.55 | (+0.715%) | | GBP/USD | 1.594 | -0.017 | (-1.08%) | | | Recent issues of Daily Profit
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