Well with WFC reporting a record quarter out of nowhere, I am left somewhat speechless. Looks like financial bears will be castrated today. I need to delve into the reports more, but my instinct tells me a lot of this is refi related. As I feel the housing market will continue down, these new loans could pose problems down the road. As it stands however, I want no part of shorting any banks until all have reported. I may try to pick up some BAC calls.
In other news it looks like TXT may get a $21 per share bid from UAE and Kuwait. I am a little sceptical about this one, and may look to pick up some puts when the stock levels off after the open. I picked up small shares at 14.00 this morning and took a quick 2.5 points. If the ports deal was any indicator, the U.S. government does not like arab countries owning things that are connected to defense or security.
International exchanges were up accross the board. I will cut it a little short today to comb for opportunity. Good luck.
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