Consumer credit card is the next shoe to fall. Commercial real estate is not too far off. All the amazing bank earnings (fake+convenience) that we saw in the last week or so are already baked into the market. I say it is fake because it is our TARP money that were recycled into earnings.

“The credit card company also said it expects managed charge-off dollars in 2009 will be higher than the $8.6 billion it previously projected. Its shares dropped $1.74, or 12 percent, to $13.31 in after-hours trading. They had risen 12.5 percent, or $1.67, to close Tuesday at $15.05 before the earnings report.”

http://finance.yahoo.com/news/Capital-One-reports-deeper-apf-14990908.html?.v=2

I think all major indices will test the 50 dma this week.

Posted: 04|21|09 at 6:04 pm. Filed under: Economy, Financial Markets, Finance. Pinging is currently disabled.