EP 8 Bankers No Dice (Friday, July 14)

Listen on Spotify and iTunes

One important group I forgot to discuss on the podcast was Financials. Citi reported a 78% surge in WRITE-OFFS tied to consumer loans, hidden in their “Great numbers”. If you look at the intraday action on Friday of C 0.00%↑ , XLF 0.00%↑, JPM 0.00%↑ , and many financials, they popped at the open and sold off all day.

If you look at the full chart of Citi, I would argue this is a zombie bank that was rescued in 2008, amd is waiting for the next zombie apocalypse.

Sample of upcoming earnings this week