Posted by amp43679 on 21st of Oct 2009 at 04:47 pm
does anyone know what bank rumor caused the sell off this
afternoon? At 3:45 pm, I heard CNBC reporter (Maria B) make
statements that there was a rumor about a big bank.
Unfortunately, that was all I heard because I was picking up my
children from school.
Posted by hamvestor on 21st of Oct 2009 at 05:00 pm
Dick Bove downgraded WFC to sell, which, after the SPY had
failed to break through 1100 resistance earlier, triggered a
selloff in the financials which then spread to the overall
markets.
Analysts say a downbeat note from influential banking analyst
Richard Bove raised concerns about Wells Fargo and sent investors
rushing to dump financial stocks.
Joe Saluzzi, co-head of equity trading at Themis Trading LLC,
said the note was a reminder of troubles still in the economy and
was enough to scare many traders.
"They all ran for the exits at the same time," he said.
Bank Rumor
Posted by amp43679 on 21st of Oct 2009 at 04:47 pm
does anyone know what bank rumor caused the sell off this afternoon? At 3:45 pm, I heard CNBC reporter (Maria B) make statements that there was a rumor about a big bank. Unfortunately, that was all I heard because I was picking up my children from school.
Dick Bove downgraded WFC to
Posted by hamvestor on 21st of Oct 2009 at 05:00 pm
Dick Bove downgraded WFC to sell, which, after the SPY had failed to break through 1100 resistance earlier, triggered a selloff in the financials which then spread to the overall markets.
Bank Rumor WFC
Posted by philr on 21st of Oct 2009 at 04:59 pm
Analysts say a downbeat note from influential banking analyst Richard Bove raised concerns about Wells Fargo and sent investors rushing to dump financial stocks.
Joe Saluzzi, co-head of equity trading at Themis Trading LLC, said the note was a reminder of troubles still in the economy and was enough to scare many traders.
"They all ran for the exits at the same time," he said.
Only thing I heard was
Posted by john9o9 on 21st of Oct 2009 at 04:53 pm
Only thing I heard was that an analyst, Dick Bove, doengraded the banks saying Wells results were "unsustainable".
thanks for letting me know.
Posted by amp43679 on 21st of Oct 2009 at 05:08 pm
thanks for letting me know. Seem crazy that a down grade of one analyst could cause such a dramatic sell off.