Featured in Richard Suttmeier’s Stock Strategies Blog on EQUITIES Magazine Website
Richard Suttmeier’s latest post,”Bank Failure Friday Shutters Seven”, reviews bank closures, the stock market negative divergences for Transports, small caps, semiconductors, and the NASDAQ decline.
Bank Failure Friday documented seven bank closures, which were all private banks. All seven of Friday’s bank failures were well above the loan to risk-based capital ratios of 100% for C&D loans and 300% for CRE loans. The FDIC states that the banking industry funds their own failures but at the expense of other members, which puts a grip on lending.
The trouble in the banking system is getting worse, not better. The FDIC is actually slow to close banks that are in as poor shape as those already closed. Furthermore, the charf for the NASDAQ shows declining MOJO with a reading of 7.8 with the NASDAQ above its 21-day and 50-day simple moving averages at 2129 and 2080.
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About Richard Suttmeier:
Richard Suttmeier’s latest blog analyzes earnings from Intel, the most important technology stock, JP Morgan Chase, the most important “too big to fail” bank, and break-out’s for Comex copper and Nymex crude oil.
Richard Suttmeier is the chief market strategist for ValuEngine.com. Richard is an industry leader on the housing market and banking system and writes a newsletter covering The Great Credit Crunch. He produces a List of Problem Banks by name. He produces daily and weekly briefings covering the US Capital markets. Richard Suttmeier’s ValuEngine Four In Four video is available on forextv.com.
About EQUITIES Magazine:
Since 1951, EQUITIES has served both retail and institutional investors by examining industry trends, analyzing strategies and opportunities, and profiling financial leaders and emerging public companies. Its global audience increased dramatically after the launch of its European and digital versions, as well as its website, which provides free real-time market quotes and a free customizable, real-time portfolio-management interface. EQUITIES is also one of a select group of publications available on the Apple iPhone.
