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Thursday, October 18, 2007

Bacterial Pneumonia

Turns out you sleep a lot when you have Bacterial Pneumonia. Who knew. Writing blog entries early in the morning then just isn't a priority.

Anyways, I will have a large pile of charts and a solid post after market close. Bank of America has set the trading tone thus far this morning. The financials are leading the charge lower so watch XLF. The homebuilders are also hitting new lows. These are all ill omens for the Bulltards...

Bank of America Earnings Drop on Loan Writedowns (Update3): "Bank of America Corp., the second- largest U.S. bank, said profit declined 32 percent in the third quarter, more than analysts estimated, after trading losses, defaults and writedowns cost almost $4 billion.
Net income fell to $3.7 billion, or 82 cents a share, from $5.4 billion, or $1.18, a year earlier, the Charlotte, North Carolina-based company said today in a statement. The average estimate of 16 analysts surveyed by Bloomberg was $1.06 a share. Bank of America shares fell more than 3 percent after the earnings announcement."