Charting Stocks

Morgan Stanley CEO announced that he is stepping down as CEO and will be replaced by James P Gorman.  Mack, who spent four years as the head of the prestigious investment bank, will remain with the firm as its Chairman.
James Gorman joined Morgan Stanley in early 2006 as the President and COO of the firms [...]

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.

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

The Morgan Stanley Smith Barney deal is now official.  The new wealth management firm officially launched this week and has more than 20,000 financial advisors with $1.7 trillion in client assets. The firm has been formed through a joint venture between Morgan Stanley and Citigroup. Morgan paid $2.7 billion for a 51% stake in the [...]

What a wild ride these past few weeks have been. Only a month or so ago the Dow Jones Industrial Average traded down to 6,500 amid an onslaught of catastrophic economic news. The market has since rallied 25% from its low with insolvent banks such as Citigroup and Bank of America quadrupling in value. Jim [...]

Recent Article in Reuters suggests that the AIG bailout was really another Wall Street bank bailout.
(Reuters) – Where, oh where, did AIG’s bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published.
The Wall Street Journal reported on [...]

Morgan Stanley’s UK equity strategist Graham Secker painted a bleak economic picture for the United Kingdom. In his morning forecast, Mr. Secker warned that UK profits could fall by 60% in the current downturn – a worse performance than the great depression of the 1930s.
“We now forecast UK profits [will] fall by 60% across 2008 [...]

Citigroup (C) and Bank of America (BAC) won’t live to see May. The government will take them over within the next 60 days. The announcement may come as soon as tomorrow evening.
If there’s one thing our readers know, it’s that ChartingStocks.net has made some bold calls in the past which seemed controversial and highly unlikely [...]

As of 01/02/2008 the the year price target on the S&P 500 set by the Chief Investment Strategists at the major investment banks are as follows:
Strategist Year End Price Target
Citigroup                                   1675
HSBC                                          1700
Credit Suisse                              1650
Bank of America                         1625
UBS                                             1700
Morgan Stanley                           1525
Bear Stearns                                1700
Goldman Sachs                           1675
JP Morgan                                    1590
Lehman Brothers                         1630
Wachovia                                     1590
Merrill Lynch                                1525
Average 1632
Average [...]

The stock market continued it’s slide this week with the financial stocks leading the way.
Goldman Sachs, UBS, Citigroup & Merrill Lynch make fresh new lows.

Both Houses of Morgan (JP Morgan & Morgan Stanley) show relative strength while Goldman Sachs and Citigroup look the weakest.