looking at this chart WHAT HAPPENS after durables PEAK and begin to decline? (especially after touching the 20% line) THEY GOURGED THE RECOVERY into a compact time frame...and it looks like its over. A drop below 0% would seal it for sure IMHO....but then we have the mkt TA as well...add in housing chart of worst data in the FIFTY YEARS since they began tabulating it......the banks want to pay dividends????? with what??????
Home values keep dropping, what does that do to underlying value of all those mortgages held???????????????????????? but they don't have to mark them to market value do they???
That is why I say SPX earnings is a doggone SHAM, BS...make believe, a lie....misleading....a FRAUD....how do you change how some companies report profit and loss in midstream?....so you can mislead people.
We don't even have a wall of worry here, we're trying to climb over a TSUNAMI..... DO YOU believe companies are now hiring? DO YOU believe we have inflation under control?
The rally has gotten so narrow, so few participating, that on a major UP day like yesterday 53% of the volume was selling!
*foreclosure vote could rock thebanks**
"The big banks face fresh scrutiny of their handling of the mortgage mess – from their own boards, no less.
Shareholders at Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) could vote this spring to compel their audit committees to investigate the banks' mortgage and foreclosure practices, and report back by fall.
The votes will come despite much eye-rolling from the banks, which have tended to be less than forthcoming on the subject. Bank of America and Citi petitioned regulators to keep shareholders from voting on the proposal, which is sponsored by the New York City pension funds led by city comptroller John C. Liu. But the Securities and Exchange Commission ruled this month that the votes must go on."
Duratek
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