Wells Fargo projects record first quarter profits

Quote from jkerviel:

This rally has been carefully planned and set up right from the opening move when Pandit's memo was leaked. The timing was chosen to start an uptrend before the Fed announcement and various other reports that would sustain the rising chart. The upslope brings in more technical traders , which is virtually everyone in this market, and so it feeds on itself. The chart has been starting to roll over so why not have a major bank pre-announcement out of the blue but at the perfect time to preserve that slope. Maybe I'm a little too conspiracy minded, but I think the people who move the markets have at least a 3 month schedule of little market-nudging tricks. They've already decided how far to run this up with the appropriate news and then will start a systematic campaign of negative news to run it down. Does anyone else think there's a schedule out there or did the CEO of Wells Fargo just wake up early today and decide to announce 2 weeks early ?? Who do you think gave the call to Pandit and Atkins ?
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I think this is pretty dead on. all those quant trend following funds are getting triggered to buy off of news that is likely full of half truths pumped up by talking heads. it accelerated things on the downside, why not ride them up as well. its going to be an engineered takedown or some news that couldn't be supressed or spun that's going to bring us back down I think. either that or we will crank up inflation to tank the market in real terms while maintaining nominal levels in the indicies.
 
Quote from milktruck:

either that or we will crank up inflation to tank the market in real terms while maintaining nominal levels in the indicies.
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Something to ponder.
 
Quote from Kassz007:

Let's be clear, I have been against changing the Mark to Market rules from the very beginning. Assets should be valued at market value.

But I hate the fact that so many people were calling for changes to the Mark to Market rules, then FASB relaxed the valuations, now the banks are posting profits as expected. As a result of this, the same people who were screaming for changes to the rules are now screaming RIGGED! MANIPULATION!
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The suspension of Mark to Market is not the same as what was PROPOSED a month or two ago.

The threshold for Level-3 assets being suspended from MtoM is quite high.

It's not as simple as you have portrayed.
There are securities and there are loans.
MtoM does not apply to both.

You need to read the fine print.
 
Let's face it, funds are under-invested in this market and are looking for "excuses" to climb back into this market.

WFC's earnings come out on April 22nd.
We'll get the details then.

But right now, the S&P is extremely well bid, even going into a 3-day weekend.

In other words, the MARKET wants to go UP!
 
Quote from Landis82:

Let's face it, funds are under-invested in this market and are looking for "excuses" to climb back into this market.

WFC's earnings come out on April 22nd.
We'll get the details then.

But right now, the S&P is extremely well bid, even going into a 3-day weekend.

In other words, the MARKET wants to go UP!
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Agreed !! The market want to find an "excuse" to go UP regardless how bullshit (or fake) is the so called "good news".

I know the market UP is FAKE due to the virtual pumping, but who care ? The main point is to get into this market is to make $$$

I load a lot in 7800, will load more today.



:D :D :D
 
Quote from Landis82:

The suspension of Mark to Market is not the same as what was PROPOSED a month or two ago.
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What is different? Everything I read a month or two ago wanted relaxation on the strictness of market valuation of assets in effectively illiquid markets. Is that not what we have now??


The threshold for Level-3 assets being suspended from MtoM is quite high.

It's not as simple as you have portrayed.
There are securities and there are loans.
MtoM does not apply to both.

You need to read the fine print.
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Are you trying to say WFC would be predicting a profit this high even without the FASB's changes? If so, then why were analysts estimations so low?
 
Quote from EMRGLOBAL:

IT's pure bullshit. They smash numbers huh? Cooking the books the Governemental way.....

Maybe its all that money that the consumer is sticking in savings that buffed up WFs bottom line.....since WAL MART Stores miss.

Humm....WF "smashes est" while WAL MART STORES MISS?

70% plus of this economy is not "Banking", its consumer spending.

Another Head Fake for a small push up to 8000.

At least it's movement you can trade.

But HEY...>WE ARE ENTERING INTO A NEW BULL MARKET>>>PARTY IN THE STREETS PEOPLE!
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The good news is everyone KNOWS it's bullshit. No one with any decency can read any news released today with a straight face.

Look for a gap down on Monday. Everyone is going to be grabbing for parachutes. But there won't be enough to go around.

I'm doing a very rare once a quarter play and shorting the cash close and holding over the weekend!!!! Monday should be fun!!!
 
Quote from flipflopper:

The good news is everyone KNOWS it's bullshit. No one with any decency can read any news released today with a straight face.

Look for a gap down on Monday. Everyone is going to be grabbing for parachutes. But there won't be enough to go around.

I'm doing a very rare once a quarter play and shorting the cash close and holding over the weekend!!!! Monday should be fun!!!
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Just curious, and am flat over the weekend, but why do you think we will have a big gap down on Monday? Market closed rather powerfully. I hope it works for you, but not sure what the reasoning for holding a short position like you mentioned. If your reasoning is '"everyone knows it's bullshit"....well.......everyone also knew that at the opening.
 
Quote from EPrado:

Just curious, and am flat over the weekend, but why do you think we will have a big gap down on Monday? Market closed rather powerfully. I hope it works for you, but not sure what the reasoning for holding a short position like you mentioned. If your reasoning is '"everyone knows it's bullshit"....well.......everyone also knew that at the opening.
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Don't kid yourself.
There is NO reason in his methodology.
He's merely "hoping and praying".
:D
 
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