Charting Stocks

Financial stocks are beginning to show signs of weakness with Citigroup (NYSE: C) looking the most vulnerable.
Citigroup stock (chart below) was the first in this group to break their previous uptrend line. With RSI under 50 and the MACD indicator turning negative, it appears that Citi may be under some pressure in the coming weeks.

Extended Stay America has become the latest casualty of the economic crisis. The operator of low to mid priced hotels filed for Chapter 11 bankruptcy protection as consumers cut back on travel leisure spending.
According to the bankruptcy filing, Extended Stay America has $7 billion in assets with $7.6 billion in debt. The company owns 680 [...]

Courtesy of WhatReallyHappened.com

The US government issued approval for 10 of the nations largest banks to pay back the TARP money.  The banks are:

Federal regulators  charged fmr. Countrywide CEO Angelo Mozilo with fraud on Thursday. Mr. Mozilo, along with the company’s former COO David Sambol and CFO Eric Sieracki.
Robert Khuzami, an enforcement officer with the SEC, alleges that the men “deliberately misled” Countrywide shareholders.
As the mortgage industry began to decline  in late 2006 and 2007, Mr. Mozilo cashed [...]

Any Questions?

Bank of America disclosed that Merrill Lynch lost $15.84 billion in Q4 of 2008. The loss is $500 million more than BAC had previously estimated.
BAC’s Merill Lynch unit got a direct injection of $20 billion in federal aid while it paid out roughly $3.6 billion in executive bonuses and broker retention packages.
Bank of American bought [...]

Andrew Cuomo, The NY Attorney General, filed a motion on Monday asking former Merrill Lynch CEO John Thain to provide more information regarding the billions of dollars in bonuses paid out to Merrill employees on the eve of the B of A merger.

Attorney General Cuomo has alleged that Thain is not answering the questions under [...]

There’s no doubt that the buzz words for the week will be “Stress Test.” US regulators will be conducted the so-called bank stress test to determine which of the major US banks are the most vulnerable and may need additional capital. Yes, they’re going to throw more money at bad banks though I believe that [...]

Amid growing rumors of bank nationalization, which the WSJ and Dow Jones attribute to ChartingStocks.net, the great wealth destroying CEO of Bank of America felt obliged to give an emergency interview  yesterday to play down talks of government takeover.
“When you talk about nationalization of Bank of America, it becomes absurd. What it appears to [...]